John David Telfer of New York New York a chief compliance officer of Meyers Associates L.P. is the subject of a customer initiated investment related arbitration claim where the customer requested $88,671.00 in damages based upon allegations that (1) transactions were executed in the customer’s account that were not suitable for the customer (2) trades were executed in the customer’s account on an excessive basis and (3) Telfer failed to supervise over-the-counter equities transactions. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-00943 (Apr. 18, 2017).
FINRA Public Disclosure confirms that Telfer has been referenced in four more customer initiated investment related disputes containing accusations of Telfer’s misconduct while employed with Barington Capital Group, LP and Meyers Associates.
Particularly, Telfer was subject of a customer initiated investment related arbitration claim in which the customer was awarded $54,000.00 in compensatory damages according to an arbitration claim where Telfer was found liable on the customer’s claims including: violation of New York Stock Exchange (NYSE) and National Association of Securities Dealers (NASD) Rules; violation of federal and state securities laws; failure to supervise; unauthorized trading; breach of fiduciary duty; and securities fraud in reference to the customer’s investments in ATM Holdings, Inc., Van Kampen America Capital, Oppenheimer High Yield Fund, Officeland, Inc., Navidec, Inc., and Jakks Pacific, Inc. NASD Arbitration No. 00-02444 (Jan. 30, 2002).
Additionally, on May 10, 2015, a customer filed an investment related arbitration claim pertaining to Telfer’s conduct in which the customer sought $60,000.00 in damages supported by allegations that the customer’s account was handled in a negligent manner, fiduciary duties owed to the customer had been breached, and over-the-counter equities executed in the customer’s account were not supervised. FINRA Arbitration No. 15-01019 (May 16, 2016). On January 8, 2016, a customer filed an investment related complaint regarding Telfer’s activities where the customer requested $53,532.00 in damages founded on accusations of the failure to supervise transactions executed in the customer’s equity portfolio. FINRA Arbitration No. 15-03305 (Jan. 8, 2016).
Moreover, Telfer has been subject of three regulatory infractions. Namely, Telfer has been fined $10,000.00 and barred by the Securities and Exchange Commission (SEC) from acting as an investment or broker, advising the public or entering into association with any firms selling securities according to a Corrected Order Making Findings and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Securities Exchange Act of 1934 Sections 21C and 15(b), in which Telfer was found to have aided and abetted violations of Securities Exchange Act of 1934 Section 17(a) committed by Meyers Associates in reference to penny stock liquidations. In the Matter of Windsor Street Capital, L.P. (formerly known as Meyers Associates, L.P.) and John David Telfer, Administrative Proceeding File No. 3-17813 (June 12, 2017).
Telfer’s registration with Meyers Associates, L.P. was terminated on September 16, 2016. Since September 10, 1997, he has been associated with ten different broker dealers, two of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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