Former Waddell & Reed Employee Jeffrey Meyer Engaged in 37 Private Securities Transactions Without Proper Prior Notice, FINRA’s Alleges

Investment fraud lawyersJeffrey Meyer, of Lake in the Hills, Illinois, formerly associated with Waddell &Reed, performed numerous securities deals in violation of NASD and FINRA (The Financial Industry Regulatory Authority) Rules according to a FINRA Department of Enforcement complaint. The complaint further details how Meyer participated in a number of private securities transactions in several companies, including United Private Capital, Strategic Lending Solutions, and K&M Oil. FINRA further alleges that Meyer participated in more than $1.5 million sales of promissory notes of the three aforementioned companies.

Between November 2008 and September 2009, United Private Capital, Inc. sold corporate guarantees to 20 investors

According to his own admission, Meyer, while associated with Waddell & Reed, participated in each of the private securities transactions sold to customers, according to a FINRA complaint. The document also alleges that Meyer even collected checks from customers and assisted them in preparing necessary documentation, and also presented sales material.

Strategic Lending Solutions LLC issued promissory notes totaling approximately $300,000 to 13 investors

Between January 2010 and July 2012, Meyer received a 2% commission for the sale of notes to customers, FINRA alleges. What he did not do, was provide his firm with the requisite written or oral notice for each transaction.

From August 2010 until July 2011, K & M Oil Company, Inc. released promissory notes totaling approximately $238,000 to eight investors

K&M Oil Company, Inc. was incorporated in order to cultivate developing oil wells. Meyer, according to FINRA, invested approximately $30,000 of his own cash into the entity, holding a one-third share of K&M., and also serving as their Secretary-Treasurer and Vice-President of Finance. At the same time, Meyer admits that he provided offering documentation to investors whilst they delivered investment checks to him. Such action was outside the jurisdiction of the employment duties of Meyer, who also failed to provide Waddell &Reed with written or oral notice of his proposed role in those transactions.

Investment Fraud Lawyers Investigating

The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. 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 investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Broker: Jeffrey Meyer

Status: INVESTIGATED by Peiffer Rosca.

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Alan Rosca (1163 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.