Steven John Meyer of Staten Island New York a stockbroker formerly associated with Legend Securities Inc. has been referenced in a customer initiated investment related arbitration claim in which the customer was awarded $110,622.95 in compensatory damages supported by Meyer and Legend Securities being found liable on the customer’s claims which included that (1) transactions were not supervised by the securities broker dealer (2) transactions were effected by the stockbroker without consent from the customer (3) information relating to securities transactions had been concealed or misrepresented (4) the customer’s account was churned by the stockbroker (5) a fiduciary duty was breached (6) transactions violated state securities laws and (7) the customer was defrauded because of Meyer’s activities while registered with Legend Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 15-00802 (June 25, 2019).
This is not the first time that Meyer has been referenced in a customer initiated investment related dispute concerning accusations of the stockbroker’s improprieties in the securities industry. FINRA Public Disclosure reveals that Meyer is the subject of a customer initiated investment related arbitration claim where the customer was awarded $35,943.00 in compensatory damages on December 5, 2016 based upon Meyer and Legend Securities being found liable for causing the customer’s stock losses through negligence and fraud. FINRA Arbitration No. 16-01307. According to the claim, misrepresentations were made to the customer and margin transactions were not suitable. The claim also alleges that Meyer breached a fiduciary duty with respect to the customer’s investments in TWTR, MBLY and GPRO.
FINRA Public Disclosure reveals that Meyer was stripped of his stockbroker license or investment adviser representative license and fined $100,000.00 by New Hampshire Bureau of Securities Regulation. Order No. INV2015-00019 (July 26, 2017).
According to the regulator, trades were effected in a Legend Securities customer’s account on an excessive basis by the stockbroker. Common or preferred stock transactions allegedly failed to be suitable for the customer. The regulator also indicated that the customer’s investment instructions were not followed by Meyer when he was associated with the securities broker dealer.
Meyer has been barred from associating with any FINRA member in any capacity founded on accusations that the stockbroker committed fraud. Letter of Acceptance Waiver and Consent No. 2017052709201 (Oct. 12, 2017). According to the AWC, Meyer effected unsuitable and unauthorized trades and had churned customer accounts while registered with Legend Securities. Meyer’s trading caused $115,000.00 in collective losses to customers during the time that he accumulated sales charges of $160,000.00.
FINRA found that Meyer’s conduct was violative of Securities Exchange Act of 1934 Section 10(b), SEC Rule 10b-5 and FINRA Rules 2010, 2111 and 2020. Meyer was stripped of his stockbroker license or investment adviser representative license in New Jersey on July 20, 2018 because of Meyer being barred by FINRA.
His employment with Legend Securities was terminated on October 12, 2016.
