Craig G. Langweiler of Philadelphia, Philadelphia, a registered representative with Meyers Associates, L.P., was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Langweiler had willfully failed to update his Uniform Application for Securities Industry Regulation or Transfer (Form U4) to timely disclose tax liens and civil judgments. Department of Enforcement v. Craig G. Langweiler, Disciplinary Proceeding No. 2011029549201 (Dec. 15, 2015).
According to the Complaint, from March 2008 through July 2013, while Langweiler was registered with various FINRA member firms, he had willfully failed to amend his Uniform Application for Securities Industry Registration or Transfer (Form U4) to timely disclose three federal tax liens which totaled $143,000, along with three civil judgments totaling $56,700 which had been filed against him.
The Complaint further indicated that in October 2011, Langweiler had provided inaccurate and incomplete responses concerning the liens and judgments to his employer in a background questionnaire. Further, in July 2014, Langweiler reportedly provided inaccurate and incomplete responses concerning liens and judgments to FINRA in a personal activity questionnaire.
FINRA alleged that Langweiler’s conduct was violative of Article V, Section 2(c) of the FINRA By-Laws; NASD Interpretative Material IM-100101 and FINRA Rule 1122; and NASD Conduct Rule 2110 and FINRA Rule 2010.
Public disclosure records via FINRA’s BrokerCheck reveal that Craig G. Langweiler has been subject to a whopping thirty-six disclosure incidents. On December 1, 1990, he settled a customer dispute for $70,000 after a customer alleged unauthorized and unsuitable transactions. Langweiler settled a customer dispute on June 29, 1992, for $50,000 after a customer alleged unsuitable transactions including inappropriate use of margin, excessive trading, acting without authority, and misrepresenting account information.
On February 25, 2002, Langweiler settled a customer dispute for $14,500.00 after a customer alleged that selected trades that Langweiler initiated on the customer’s behalf were unauthorized. On February 25, 2003, Langweiler settled a customer dispute for $17,000 after claimants alleged failure to diversify and unsuitable investment recommendations. On November 26, 2004, Langweiler settled a customer dispute for $3,000 after a customer alleged breach of fiduciary duties and non-disclosure of information. On March 21, 2007, Langweiler settled a customer dispute for $49,500 after claimants alleged excessive and unsuitable trading.
On August 25, 2008, Langweiler was suspended by FINRA after consenting to findings that he borrowed $40,000 from a customer without his member firm approval and contrary to the firm’s written supervisory procedures, in violation of NASD Rules 2110 and 2370. Letter of Acceptance, Waiver and Consent, No. 2007010515001 (Aug. 25, 2008). On May 11, 2009, Langweiler settled a customer dispute for $32,500 after a customer alleged unauthorized highly speculative equities and options trading and excessive trading.
On September 20, 2010, Langweiler was again suspended by FINRA and fined $7,500 after consenting to findings that he had exercised discretion in a customer’s account without obtaining written authorization from the customer or acceptance of the account as discretionary by his member firm. Letter of Acceptance, Waiver and Consent, No. 2008015073801 (Sept. 20, 2010). On August 19, 2011, Langweiler settled a customer dispute for $112,750.00 after the customer alleged improper use of discretion, overtrading, and suitability. On April 14, 2014, Langweiler settled a customer dispute for $140,000 after a customer alleged churning, excessive commissions, unauthorized trading, and excessive use of margin. On November 20, 2014, Langweiler became subject to a pending customer dispute, where a customer is requesting $50,000 after alleging excessive commissions and use of margin. Between 2006 and the present, Langweiler has also been subject to eighteen judgments/liens and two criminal dispositions.
Firms and individuals, not surprisingly, are prohibited from unauthorized use of customer funds, borrowing of a customer’s securities or funds, forgery, non-disclosures or misstatements of material facts, and various deceptions and manipulations. Such conduct can also be found to violate criminal and other civil laws, and be subject to sanction from the federal and state government bodies.
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