The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Robert Meyers. According to his publicly available FINRA BrokerCheck report, Robert Meyers has been the subject of multiple customer disputes.
Robert Meyers was an Ohio based securities broker. He worked in the securities industry for thirty-one years. During his career, he was registered with six different securities firms. He is not currently working as a registered securities broker in any fashion.
His Registrations
- Prudential-Bache Securities (1985-1987)
- Shearson Lehman Brothers (1987)
- Blunt Ellis & Loewi (1988-1990)
- Advest (1990-2006)
- Merrill Lynch (2006-2007)
- Wells Fargo (2007-2017)
The Allegations
- In July 1987, a customer alleged that Robert Meyers executed unauthorized trades. This case was settled for $10,000 in damages.
- In February 1988, a customer alleged that Robert Meyers recommended highly unsuitable limited partnerships. This case was settled fro $45,000 in damages.
- In June 1993, a customer alleged that Robert Meyers made material misrepresentations, committed fraud, and recommended an unsuitable investment in connection with a PB energy limited partnership. This case went to arbitration where the customer was awarded approximately $20,000 in damages.
- In July 1993, a customer alleged that Robert Meyers failed to disclose the deferred sales charge feature on some large mutual fund investments he placed them in. This case was settled for $54,386 in damages.
- In May 1998, a customer alleged that Robert Meyers executed trades that were both unsuitable and unauthorized. This case was settled for $17,500 in damages.
- In August 2005, a customer alleged that Robert Meyers failed to follow instructions.
- In October 2019, Robert Meyers was officially sanctioned by FINRA. The findings in this matter state that he recommended private equity investments to member firm customers without his member firm’s knowledge or approval. According to the findings, these customers contributed almost $2 million to these private equity funds. Due to these alleged actions, Robert Meyers was fined $20,000 in damages and suspended from acting as a securities broker in any fashion for an entire year. He had been terminated from his position at Wells Fargo two years prior when the allegations first came to light.
What Does This Mean?
Securities brokers are not allowed to recommend private investments to member firm customers without obtaining their member firm’s authorization to do so. This is because investors can very easily be harmed by these types of investments. Private investments are often very poorly regulated. They are almost always incredibly illiquid and are accompanied by very high and unnecessary fees. Also, they create significant conflicts of interest for recommending brokers. Brokers might recommend private investments because they have a personal stake in said investment, because they are receiving cash incentives from a third party, or simply because of the incredibly high commission they receive when the transaction is executed. While private investments are unsuitable for investors, this is especially true for those with more conservative objectives and strenuous financial situations. These conflicts of interest often lead brokers to recommending these private investments to these types of investors. Securities firms want to prevent investors from being harmed in this way and thus require brokers to obtain their authorization before recommending private investments to member firm customers.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Robert Meyers please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.
