Meyers Associates LP Fined by FINRA

Soreide Law Group obtained the following on FINA’s Disciplinary Report February, 2017:
The Office of Hearing Officers (OHO) issued the following decision, which has been appealed to or called for review by the NAC as of December 31, 2016. The NAC may increase, decrease, modify or reverse the findings and sanctions imposed in the decision. Initial decisions where the time for appeal has not yet expired will be reported in future by FINRA.
Meyers Associates, L.P. (JANSSEN-MEYERS ASSOCIATES, L.P.,ROAN-MEYERS ASSOCIATES, LP,ROAN/MEYERS ASSOCIATES, L.P.,WINDSOR STREET CAPITAL, LP) (CRD #34171, New York, New York)

MAIN ADDRESS:
45 BROADWAY
2ND FLOOR
NEW YORK, NY 10006

was fined $350,000 and required to retain, within 60 days of the decision becoming FINRA’s final disciplinary action, an independent consultant to conduct a comprehensive review of each of the firm’s policies, systems and procedures, and training that relates to branch supervision and inspections; review of emails; communications with the public, including research reports and sales literature; low-priced securities transactions; monitoring of customer accounts for suspicious activities; transactions in the accounts of registered representatives or their family members; and its AML (Anti-Money Laundering) policies and procedures.
These sanctions were based on findings that the Meyers Associates allegedly failed to adequately supervise a newly opened branch office and failed to establish and implement adequate AML policies and procedures reasonably designed to monitor accounts and detect and cause the reporting of suspicious transactions.
FINRA’s findings stated that Meyers Associates allegedly failed to adequately supervise a representative’s efforts to increase the reported price and trading volume of the common stock of a financially distressed company that traded on the OTC Bulletin Board (OTCBB). The firm’s supervision of the representative’s activities was deficient in that the firm did not adequately review emails sent to and received by the branch office, did not adequately review the representative’s trading in the stock and did not adequately review third-party research reports and other public communications disseminated by the representative (and another representative, at the representative’s request). As a result of these deficiencies, Meyers Associates allegedly did not adequately supervise the representative with a view to preventing violations.
FINRA found that Meyers Associates allegedly did not adequately train a representative for his supervisory responsibilities. The firm allegedly failed to take basic steps to ensure that the representative was adequately supervising the branch office and did not adequately prepare the supervisor for his AML responsibilities.
FINRA also found that there were other supervisory deficiencies at the firm, including deficient training and supervision, failure to review emails and deficient WSPs.
This matter has been appealed to the NAC and the sanctions are not in effect pending review.
(FINRA Case #2013035533701)
If you were a client of Meyers Associates or any of their affiliates, and you experienced losses due to their actions or recommendations, call Soreide Law Group for a no-cost consultation with a Securities Lawyer regarding the possible recovery of your losses at:  888-760-6552.
Soreide Law Group operates on a contingency fee basis and we represent clients nationwide before FINRA.