William David Nelson, of New York, New York, a stockbroker formerly registered with Meyers Associates, L.P., has been fined $5,000.00 by the Commissioner of Securities and Insurance, Montana State Auditor, pursuant to a Consent Agreement and Final Order containing findings that Nelson traded excessively in the accounts of three residents of Montana. In the Matter of Meyers Associates, L.P. and William David Nelson, Case No. SEC-2015-143 (Dec. 31, 2015).
According to the Consent Agreement, Nelson’s trading of over-the-counter equities in customer accounts was conduct violative of Securities Act of Montana, Mont. Code Ann. 30-10-301(1)(c). The Agreement contained findings that Nelson’s activities were not adequately supervised by the firm; conduct violative of Section 30-10-201(13)(k).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Nelson has been identified in nine customer initiated investment related disputes containing allegations of his misconduct while associated with Meyers Associates LP. Specifically, on February 28, 2011, a customer filed an investment related written complaint involving Nelson’s conduct, in which the customer requested $48,101.66 in damages based upon allegations that he traded over-the-counter equities on margin without the customer’s consent.
On August 28, 2013, a customer initiated investment related arbitration claim regarding Nelson’s activities was resolved for $20,000.00 in damages based upon allegations that he failed to execute upon the customer’s investment instructions, utilized margin in a fraudulent manner, effected unsuitable and unauthorized over-the-counter equities transactions, and churned the customer’s portfolio.
Further, on June 26, 2015, a customer was awarded $175,000.00 in damages according to an investment related arbitration claim involving Nelson’s misconduct, based upon allegations that he churned the customer’s account and effected stock transactions in the customer’s account which were not suitable for the customer. Nelson has also been named in a customer initiated investment related arbitration claim on October 25, 2016, in which the customer requested $500,000.00 in damages based upon allegations that he engaged in improper margin use, churned the customer’s account, and placed over-the-counter equities transactions in the customer’s account without authorization.
Nelson’s registration with Meyers Associates, L.P. was terminated on October 31, 2016. Since June 14, 1997, he has been associated with twelve different broker dealers, nine of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
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