Robert David Meyers, a previously registered General Securities Representative has been suspended by the Financial Industry Regulatory Authority (FINRA) on the allegations of participating in private securities transaction, which is in violation of FINRA Rule 3280 and 2010, according to an investigation by investor rights attorney, Alan Rosca.

Investor rights attorney Rosca Scarlato LLC  law firm is investigating alleged participation of Robert Meyers in unauthorized private securities transaction. At the time of investigation, Robert Meyers is not registered with any FINRA member firm, though he was last in the employment of Wells Fargo Clearing Services LLC until 2017.

Robert Meyers Was Suspended by FINRA for Engaging in Unauthorized Private Transactions

Robert Meyers allegedly  participated in private securities transaction between February 2016 and October 2017, without a written notice to or the approval of his firm, Wells Fargo Clearing Services, according to his FINRA Brokercheck page. According to the reports, allegedly, Robert Meyers recommended and facilitated the investments of 26 Firm customers in three private equity funds, which were not approved by Wells Fargo. The 26 Firm customers’ alleged investment in the securities offered by the private equity funds amounted $1.9 million. Furthermore, it was alleged that Robert Meyers assisted some of these customers in the subscription process and even forwarded the necessary documentation to them alongside marketing materials provided by the private equity funds.

In settling the allegations, Robert Meyers, without admitting to or denying the findings, in 2019, agreed to and signed the Acceptance Waiver and Consent order issued by FINRA which suspended him in all capacities for 12 months. In addition to the suspension, he was also issued civil and administrative penalties to the tune of $20,000. The suspension will be subsisting till 11^th March 2020.

Robert Meyers Has Been the Subject of Previous Regulatory Sanctions and Customers Disputes

In 2005, Robert Meyers had a customer dispute brought against him denied. The customer requested $1,000,000 (one million) on the allegations of his failure to follow instructions. In 2004, a customer dispute was also filed against Robert Meyers on the allegations of lack of advice to customers. The dispute was also denied with the $52,000 sum requested. Robert Meyers also had a customer dispute brought against him in 1998 withdrawn. The customer requested the sum of $62,000 on the allegations of unsuitable recommendations to the client. In the same year, Robert Meyers settled a customer dispute to the amount of $17,500. The customer, who sought damage of $131,700 alleged that the trading in the account was unsuitable and that some trades were unauthorized.

In 1993, Robert Meyers settled a customer dispute on the allegation that the customer was not properly advised of the deferred sales charge feature on some large mutual fund investments. This customer dispute was allegedly settled for $54,386. According to another customer dispute brought against him in the same year, the client alleged unsuitability, misrepresentation and fraud in connection with the 1987 purchase PB Energy Limited Partnership for $50,000. The client sought $40,000 in damages but the dispute was settled for $19,878.

Robert Meyers also settled a customer dispute in 1988 on the allegations of unsuitability with respect to the sale of Limited Partnerships. The client sought $98,000 in damages but the dispute was eventually settled for $45,000. In 1987, Robert Meyers also settled a customer disputes to the sum of $10,000 from the initial $15,000 sought by the client. He was alleged to have participated in unauthorized trading on U.S Treasury Strips. The client bought the strips and the interest rates went up. However, Meyers allegedly sold the bonds before maturity leading to a loss for the client.

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.

Securities Lawyer Investigating

The Rosca Scarlato LLC  law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating Robert Meyers’ alleged participation in unauthorized private securities transactions. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of Robert Meyers’ participation in unauthorized private securities transactions may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.