Steven Meyer – Steven John Meyer Financial Advisor Barred from Securities Industry

Steven Meyer – Steven John Meyer Financial Advisor Barred from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses

Steven Meyer CRD #4798400

Steven Meyer was previously licensed with Chelsea Financial Services in New Jersey. FINRA reports that Steven Meyer was barred from the securities and investment banking industry in October 2017.

ACCORDING TO FINRA: Steven Meyer consented to the sanction and to the entry of findings that Steven Meyer willfully violated the Securities Exchange Act of 1934 Section 10(b) and Securities Exchange Act Rule 10b-5, and violated FINRA Rules 2020, 2111 and 2010 when he engaged in churning and unsuitable excessive trading in the accounts of four customers – two of whom were senior citizens. The findings stated that Steven Meyer exercised controlled these four accounts, and his trading generated the cost to equity ratios ranging from 51.63 percent to 104.58 percent and turnover rates ranging from 12.4 to 42.9. Such high costs and turnover were inconsistent with the objectives of the customers yet generated steady income for Steven Meyer in the form of commissions or mark-ups or mark-downs, (collectively, “sales charges”). As a result of Steven Meyer’s actions in just over a year, one of the customers suffered losses of $44,074.05, while Steven Meyer generated sales charges of $33,897.41. Also, over the course of nine months, another customer suffered losses of $28,584.63, while Steven Meyer generated sales charges of $18,457.50. Again, over the course of nine months, another customer suffered losses of $42,803.25, while Steven Meyer generated sales charges of $17,215.50. Further, over the course of ten months, another customer had a profit of $308.56, while Steven Meyer generated sales charges of $94,699.42. Consequently, Steven Meyer’s active trading in the four accounts resulted in more than $115,000 in cumulative losses to his customers, while Meyer generated $160,000 in sales charges. Steven Meyer acted with scienter to churn and excessively trade in the customers’ accounts. The findings also stated that Steven Meyer engaged in pervasive unauthorized trading in one of the customers’ account. During 2015, Steven Meyer executed 10 unauthorized transactions in the customer’s account. During 2016, all of the transactions executed in the account were unauthorized, except for four transactions to close the account. Thus, 41 of the 67 trades made in the customer’s account, were unauthorized. This particular customer was the customer with the losses of $44,074.05 to his account, while Meyer generated sales charges of $33,897.41.

If you lost any money on investments with Steven Meyer, you may be able to recover your losses. If you lost money on investments with Steven Meyer and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Steven Meyer’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Steven Meyer and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us. 

Investment Fraud Attorney, Stockbroker Misconduct Disciplinary Actions, Unsuitable Investment Advice, Investment Fraud, Churning, Misrepresentation and Omission of Material Facts, Elder Fraud, Unauthorized Trading, Theft, Selling Away, Unapproved Outside Business, Nationwide, PIABA, SEC, Securities Exchange Commission, NASD, National Association of Securities Dealers, NASDAQ, Dow Jones, Wall Street, New York Stock Exchange

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