Robert Jay Myers of Greenwood Village Colorado a stockbroker formerly employed by MML Investors Services LLC has been fined $20,000.00 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in undisclosed outside business activities. Letter of Acceptance Waiver and Consent No. 2015045384601 (June 14, 2016).
According to the AWC, while Myers was associated with MML Investors Services LLC, he arranged with customer EC for Myers to provide the customer quarterly reviews of the customer’s investment accounts in return for advisory fees. Apparently, Myers procured $57,575.00 from EC pursuant to their arrangement. However, during this period, MML Investors Services mandated that Myers provide the firm with notice of any outside business activities and obtain approval for those activities prior to engaging in them. Since Myers’ arrangement with EC did not fall within the scope of his employment arrangement with MML Investors Services, LLC, he was required to have followed that policy regarding his arrangement. FINRA found Myers’ engagement in unapproved outside business activities to be violative of FINRA Rules 2010 and 3270.
FINRA Public Disclosure confirms that on April 9, 2015, a customer initiated investment related complaint regarding Myers’ conduct was settled for $25,903.75 in damages based upon accusations that Myers charged the customer unwarranted fees in reference to the customer’s variable annuity policies.
MML Investors Services LLC discharged Myers on May 21, 2015 supported by allegations that Myers became subject of a complaint from a customer of the firm.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. Over the last three decades, we have recovered more than a hundred million dollars for more than 1,000 injured investors from across the United States. We accept representation purely on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a confidential consultation or a no obligation evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
