The Financial Industry Regulatory Authority (“FINRA”) announced that it issued a 12-month suspension to prior Wells Fargo financial advisor Robert “Bob” Meyers (CRD#: 1409245, Columbus, Ohio). Namely, Meyers signed an Acceptance, Waiver and Consent on October 24, 2019 to resolve FINRA’s allegations of him engaging in unpermitted private securities transactions resulting in $1,900,000 in purchases by his clients.
FINRA Suspends, Fines Bob Meyers For Selling Away
Evidently, FINRA sanctioned Bob Meyers because he violated FINRA Rule 3280 – the rule on selling away. This rule basically compels a securities broker or financial advisor to notify his or her employer about any securities transactions that the broker or advisor expects to participate in away from the employer. Notably, Rule 3280 requires the broker or advisor to get permission to engage in private securities transactions.
Allegedly, Bob Meyers appears to have offered and facilitated sales of private equity funds to 26 Wells Fargo clients. Apparently, he gave clients marketing information about the private equity investments and helped clients complete the subscription documents. Supposedly, investors purchased $1,900,000.00 in the private equity funds. Notably, Wells Fargo never approved its employees to sell the private equity funds. In fact, Wells Fargo supposedly disaffiliated with Meyers for recommending investments that it did not offer.
Client Disputes About Meyers Suggest Meyers Made Unsuitable, Unauthorized Trades
Evidently, no less than eight of Bob Meyers’ clients disputed his sales practices. Mainly, clients alleged that he made unsuitable sales of investments including limited partnerships. Supposedly, Meyers failed to consider clients’ investment objectives or risk tolerance. Also, clients claimed that he made unauthorized trades. Moreover, Meyers allegedly misrepresented or omitted information relating to one or more clients’ limited partnership investments or mutual fund purchases. Evidently, four of those disputes settled through payments to clients; one resulted in an arbitration award; and the rest were denied or withdrawn.
Did Bob Meyers Sell You Investments In Private Equity Funds?
Have you experienced losses from prior Wells Fargo financial advisor Bob Meyers? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.