Finra fines Meyers Associates $700,000 over sales literature

Bruce Meyers also fined $75,000 for supervision failures and barred from serving as a principal or supervisor.
JAN 05, 2018

The Financial Industry Regulatory Authority Inc. has fined New York-based Meyers Associates $700,000 and barred its principal, Bruce Meyers, from serving as a principal of a firm or as a supervisor. Violations included having sent misleading sales literature by email and failing to supervise preparation of the firm's books and records. Finra also fined Mr. Meyers $75,000. The firm is now known as Windsor Street Capital. Finra's National Adjudicatory Council, whose decision included the fines and bar, previously called Meyers Associates' disciplinary history "highly troubling." It said that the firm has been the subject of 16 final disciplinary actions since 2000, and has paid approximately $390,000 in monetary sanctions as result of the actions, which included supervisory failure, making untrue statements or omitting to state material facts in connection with a securities offering, failing to keep adequate books and records, inadequate review of electronic correspondence, and failing to report or timely report customer complaints. The most recent disciplinary action was brought by the Connecticut Department of Banking in March 2015, resulting in his statutory disqualification. To settle one of these actions, Mr. Meyers served a four-month suspension in all principal and supervisory capacities. In September, the Securities and Exchange Commission denied Mr. Meyers' appeal of a Finra decision in which he was disqualified from serving as his firm's chief executive.

Latest News

Investor accuses Canaras, U.S. Bank of hiding $50 million CLO loss
Investor accuses Canaras, U.S. Bank of hiding $50 million CLO loss

A trustee says it has no record of the investor now suing it for $50 million

New bill would let advisers unlock accredited investor status for clients
New bill would let advisers unlock accredited investor status for clients

Legislation seeks to loosen access to private markets to include professional advice from RIAs and broker-dealers, not just income or net worth.

More than a quarter of moms are planning to opt out of Trump accounts, survey finds
More than a quarter of moms are planning to opt out of Trump accounts, survey finds

"I just feel like I can get a lot further [by] opening a 529 account," said one respondent to the BabyCenter survey on Trump accounts.

IRA investors keep rushing toward lower-cost mutual funds
IRA investors keep rushing toward lower-cost mutual funds

New ICI research shows these retirement savers pay expense ratios nearly matching industrywide averages, extending years of fee declines

US household wealth grows more liquid than global peers
US household wealth grows more liquid than global peers

UBS data show American net worth is shifting from property to cash and funds faster than in seven other wealthy nations.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.