NY Firm Meyers Associates LP Allegedly Has Laundry List of Industry Red Flags; Owner Bruce Meyer Reportedly Sued for Improper Marketing of Unregistered and Profitless Pharm Company
A cursory glance at New York firm Meyers Associates LP allegedly discloses that 47 of Meyers Associates‘ 75 brokers have at least one disclosure event on their respective FINRA BrokerCheck records, reports which are available to the public at large. That would mean that a cool 63 percent of registered representatives at Meyers Associates have some sort of disclosure on their records, in contrast to 12 percent all registered securities professionals. These staggering numbers should certainly raise quite a number of eyebrows. What is more, further examination of the Meyers Associates‘ disclosure-tagged reps have also floated around the industry, and have worked for several firms over the past 10-20 years, in what most consider to be yet another industry red flag.
Red Flags at Meyers Associates Start at the Top
Things at Meyers Associates seem to start at the top. Founder and chief executive Bruce Meyers, who has 10 disclosure events of his own going back to the mid-1980s, and a whopping 12 firm jumps in all, before he had the fortitude of founding and registering with Meyers Associates in 1994, his 13th unique association. Most recently, FINRA suspended and fined Meyers $35,000 in 2011 for allegedly failing to supervise employees. In the 1990’s, however, Meyers reportedly also faced allegations of causing $2.4 million in damages in four investor complaints, settling for just $240,000.
Meyers Was a Majority Owner of SignPath Pharma Inc.
A FINRA complaint alleges that Meyers Associates, in marketing the Series A offering of SignPath Pharma, made “exaggerated and unbalanced claims and improper predictions of price performance.” The FINRA complaint further alleges that the firm “omitted material facts, including full disclosure of Mr. Meyer’s,” the firm’s and others’ ownership in SignPath Pharma. This unsolicited offering occurred in the first half of 2011, the FINRA complaint alleges, and further divulges that Meyers Associates raised almost $300,000 by selling Series A units of SignPath Pharma to investors.
Investment Fraud Attorneys Investigating
The Peiffer Rosca Wolf securities attorneys often represent investors who lose money as a result of improperly marketed securities, or stockbroker misconduct. 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 improperly marketed securities or stockbroker misconduct may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.