Connecticut Investment Advisor Pleads Guilty in "Cherry Picking" Scheme

NOAH L. MYERS (CRD# 2387620) 43, an investment advisor from Lyme, Connecticut, pled guilty October 20, 2014, in federal court to defrauding his clients by “cherry-picking” securities. Myers admitted taking profits of $460,000 for himself, while his clients lost over $2 million. The majority of his clients who lost their investments were retired or using their accounts for their retirement funds. They had specified 'low-risk' investments. Myers is the owner of MiddleCove Capital, LLC, which is located in Centerbrook, Connecticut.

Myers would assign a trade to an account after he saw whether it was profitable, which is defined as “cherry-picking.” Myers admitted to the "cherry-picking" and admitted taking profits from the successful investments for himself and other favored accounts, while passing the losses on to accounts he did not favor.

Myers' fraud was discovered by employees of MiddleCove. In 2010 these employees discovered illegal trading through a computer program which had been set up to detect favorable allocation of profitable day trades. Noah Myers pled guilty to one count of security fraud which could bring a maximum of 20 years in prison and up to a $5 million fine. Myers will be sentenced January 12, 2015.

NOAH L. MYERS was previously registered with the following securities firm(s):

Registered Dates Firm
02/2008 - 04/2012 PURSHE KAPLAN STERLING INVESTMENTS (CRD# 35747) - CENTERBROOK, CT

02/1994 - 02/2008 CITIGROUP GLOBAL MARKETS INC. (CRD# 7059) - ESSEX, CT

08/1993 - 02/1994 JOHN HANCOCK DISTRIBUTORS, INC. (CRD# 468) - BOSTON, MA

08/1993 - 02/1994 JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY (CRD# 5181) - BOSTON, MA

Soreide Law Group represent clients nationwide. If you were a victim of securities fraud, call for a free consultation on how to potentially recover your losses at: 888-760-6552.