Jason Mitchell Meyers, Former ICM Broker, Misappropriates over $700,000 in Funds, Allegedly
Jason Mitchell Meyers, who began working for ICM in 2004, misappropriated at least $700,000 in a series of private offerings of securities, a sum which is approximately 23 percent of funds raised from 19 investors, a FINRA Letter of Acceptance, Waiver and Consent (AWC) alleges.
These offerings were reportedly designed to raise money to buy ICM, the broker-dealer where Meyers worked, the AWC alleges. Meyers created ICMC Holdings LLC, and, between June 2006 and September 2011, he raised over 3 million dollars from investors with the stated purpose of purchasing ICM, which would have only cost $100,000. Meyers, however, never actually purchased ICM, but rather misappropriated over $700,000 in customer funds, the AWC alleges.
Meyers Reportedly Used Investment Funds for Personal Use
While Meyers did indeed use some percentage of the invested funds raised to fund ICM operations to meet net capital obligations at the firm, and to purchase a small interest in the broker-dealer, he used considerable amounts of the funds raised for his own personal use, which was neither authorized by investors nor permitted under the terms of the offering documents, the AWC alleges. From 2004 to 2006, another company founded and operated by Jason Mitchel Meyers, Aspatuck Holdings Ltd., controlled and managed ICMC Holdings, LLC. Meyers sought to purchase ICM for $100,000 and began offering Class A membership interests in ICMC to investors, the AWC notes. By June 9, 2006 Meyers had raised enough cash to buy out ICM, but continued to raise an additional $255,000 directly from customers. FINRA alleges that Jason Mitchell Meyers continued to use these funds for expenditures such as doctor bills, cash withdrawals, and foreign travel, the AWC notes.
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: Jason Mitchell Meyers
Status: INVESTIGATED by Peiffer Rosca.
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