Oddball stories from 2010
Here's a bit of prospecting that didn't pan out. According to officials in Missouri, a pair of cold-calling stockbrokers unknowingly dialed -- and pitched -- securities regulators in the state.
Missouri claims brokers from Financial Network Investment Corp. called Missouri Securities Division staff while at work. The state also says brokers from Meyers Associates LP of New York cold called regulators.
According to the state, one FNIC broker pitched mutual funds to a registration specialist and an investigator, telling them “they could expect a 20% to 25% return during that six- to eight-month period.” And in December, a broker from Meyers Associates allegedly called the same office and pitched shares of Nuance Communications Inc. The state said neither broker is licensed to sell securities in Missouri. Oops.
Missouri officials filed cease-and-desist orders against the brokers and the firm. They might also want to consider getting their names on the Do Not Call list.
Meanwhile, a spokeswoman for Financial Network said "we regret the circumstances that led the state of Missouri to file this action and are cooperating with the state to reach a quick conclusion.” Bruce Meyers, managing partner of Meyers Associates, did not return phone calls requesting a comment.