Robert David Meyers of Columbus Ohio a stockbroker formerly employed by Wells Fargo Clearing Services LLC has been fined $20,000.00 and suspended for twelve months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Meyers recommended and facilitated securities transactions for customers of Wells Fargo without having any authorization from the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2017056146401 (Oct. 24, 2019).
According to the AWC, Meyers took part in the solicitation or facilitation of private securities transactions involving twenty-six customers of Wells Fargo. The AWC stated that the transactions involved private equities funds which Wells Fargo prohibited the stockbroker from selling. Customers were allegedly aided by Meyers in completing fund subscription documents to effect the purchases. They were also provided private equity fund marketing materials.
FINRA stated that $1,900,000.00 worth of the private equity funds offered by Meyers had been purchased by twenty-six Wells Fargo customers between February of 2016 and October of 2017. Throughout this period, Meyers was prohibited by the securities broker dealer from effecting any securities transactions with customers outside of the firm’s auspices. FINRA also stated that there was no notification provided by Meyers to Wells Fargo in regard to him selling away; and there was no attempt made by Meyers to procure approval for recommending, soliciting, or facilitating customer purchases of securities offered through the private equity funds. Meyers’ conduct was violative of FINRA Rules 2010 and 3280.
FINRA Public Disclosure confirms that Meyers is referenced in eight customer initiated investment related disputes containing allegations of his violative conduct while employed with securities broker dealers including Prudential Bache and Advest Inc.
Specifically, Meyers is referenced in a customer initiated investment related written complaint which was resolved for $45,000.00 in damages based upon accusations that the customer was placed into unsuitable limited partnerships which led the customer to experience unwarranted losses. Also, Meyers is the subject of a customer initiated investment related arbitration claim in which the customer was awarded $40,000.00 in compensatory damages based on the securities broker dealer being found liable on the customer’s claims of unsuitability, misrepresentation and fraud concerning the sale of a limited partnership interest to the customer.
Meyers was discharged by Wells Fargo Clearing Services LLC on October 17, 2017 supported by allegations that he recommended for customers to purchase private equity products which were neither offered nor approved for sale by the securities broker dealer.
