Craig Langweiler – Excessive and Unauthorized Trading in a Customer Account
Craig Gary Langweiler Allegedly Engaged in Excessive and Unsuitable Trading of a Customer Account and this High Volume Trading Purportedly Generated Commissions of $27,092
Craig Gary Langweiler, a stockbroker formerly registered with Summit Brokerage Services, Inc., and of Newton, Pennsylvania, allegedly excessively traded the account of a customer from Meyers Associates, L.P. (now known as Windsor Street Capital, L.P.) known only as KK, according to a Complaint from FINRA’s Department of Enforcement currently under review by attorneys Jason Kane and James Booker.
Peiffer Wolf Carr & Kane securities practice lawyers are investigating Craig Gary Langweiler’s excessive trading.
Investors who believe they may have lost money in activity related to Craig Gary Langweiler’s excessive trading are encouraged to contact attorneys Jason Kane or James Booker with any useful information or for a free, no obligation discussion about their options.
Langweiler, from November 19, 2013 through May 30, 2014, and while associated with Meyers Associates, L.P. (now known as Windsor Street Capital, L.P.) allegedly executed 257 trades which resulted in an annualized turnover of 28.85 and an annualized cost-to-equity ratio of60.5% which allegedly caused KK’s account to drop in value by more than 25%, according to the aforementioned Complaint.
Langweiler’s Gross Purchases in KK’s Firm Account Allegedly Totaled Approximately $1,292,158, which Produced Approximately $5,400 in Additional Trading Fees and Administrative Costs
Langweiler‘s trading was allegedly excessive and unsuitable when one considers that Langweiler was aware of the high cost-to-equity ratio for KK’s firm account but still purportedly engaged in high volume trading which purportedly generated commissions of approximately $27,092, and roughly $5,400 in additional trading fees and administrative costs, the Complaint reports.
What is more, the trading that Langweiler allegedly effected in KK’ s Firm account was, as shown by the high annualized turnover and cost-to-equity ratios, allegedly excessive in light of the size and frequency of the transactions, the transaction costs incurred, the nature of the investments and the customer’s financial situation, investment objectives and needs, the Complaint states.
Langweiler’s discretionary trading allegedly violated NASD and FINRA Rules and facilitated Langweiler’s excessive trading, the Complaint reports.
It should also be noted that Langweiler allegedly never sought, nor obtained, written authorization from KK to exercise discretion in KK’s Firm account, and the Firm never approved KK’s account as a discretionary account, the Complaint states.
Finally, FINRA Public Disclosure shows that Langweiler has allegedly been the subject of three regulatory actions regarding allegations of his purported wrongdoing.
Securities Lawyers Investigating
The Peiffer Wolf Carr & Kane securities lawyers often represent investors who lose money as a result of alleged investment fraud and are currently investigating Craig Gary Langweiler’s excessive trading. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Craig Gary Langweiler’s excessive trading may contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or James Booker, for a free no-obligation evaluation of their recovery options, at (585) 310-5140 or via e-mail at email@example.com or firstname.lastname@example.org.