Robert Steven Meyer, of Point Pleasant Beach, New Jersey, a stockbroker registered with Monmouth Capital Management LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Meyer refused to appear for testimony in a FINRA investigation. Letter of Acceptance, Waiver, and Consent No. 2022076459306 (April 9, 2024).
Meyer founded Monmouth Capital Management LLC, which became a FINRA member in July 2018. On June 9, 2023, Meyer voluntarily terminated his association with the firm.
On March 13, 2024, FINRA requested Meyer to testify on April 9, 2024, under FINRA Rule 8210. This request was part of an investigation into potential violations including acting in a principal or registered capacity contrary to restrictions in Monmouth’s FINRA Membership Agreement, and violations related to his 2020 disciplinary action, where he was fined $7,500.00 and suspended for three months by FINRA because of engaging in quantitatively unsuitable and excessive trading.
Meyer’s refusal to comply with the FINRA request, confirmed through his lawyer’s communication on March 14, 2024, led to the violation of FINRA Rules 8210 and 2010.
FINRA Public Disclosure shows that Meyer is also referenced in a customer initiated investment related complaint filed on February 27, 2002, in which the customer requested $133,100.00 in damages based upon allegations that Meyer made unsuitable recommendations in over-the-counter equities, engaged in churning of the customer’s account, and made misrepresentations of material fact when Meyer was associated with Grayson Financial LLC. The complaint was closed with no further action taken by the customer.
Another customer initiated investment related complaint involving Meyer was settled for $7,679.00 in damages based upon alleged excessive trading and unsuitable trading in over-the-counter equities in the customer’s account during the time that Meyer was associated with JP Turner Company LLC.
Meyer was associated with Monmouth Capital Management LLC in Point Pleasant Beach, New Jersey from July 25, 2018, until June 9, 2023. The firm was expelled by FINRA on July 6, 2023.
