NOAH L. MYERS (CRD# 2387620) a former investment advisor from Lyme, Connecticut, was sentenced to prison for 40 months. Myers pled guilty to engaging in fraudulent trade allocations involving “cherry picking.” Myers "picked" good investments for himself and left his clients with the bad ones, according to the SEC.
Noah L. Myers the former owner of MiddleCove Capital LLC, pled guilty to one count of securities fraud in U.S. District Court in October. According to the SEC, from October 2008 until February 2011, Myers engaged in fraudulent trades. The SEC said that Myers performed his cherry-picking scheme by buying securities in the morning and at the end of the day or sometimes the next day, he allocated trades that had appreciated in value to his own personal and/or business accounts, and allocated trades that had depreciated in value to the accounts of his clients. These were primarily inverse and leveraged exchange-traded funds (ETFs).
NOAH L. MYERS was registered in the securities industry for 18 years and was previously registered with the following securities firm(s):
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
If you have been the victim of "cherry picking" by your broker or financial advisor, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552,
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