Steven Meyer— Churning and Unsuitable Excessive Trading

Steven John Meyer Allegedly Engaged in Churning and Unsuitable Excessive Trading in the Accounts of Four Customers, Two of whom were Senior Citizens

Steven Meyer, of Staten Island, New York, allegedly engaged in churning and unsuitable excessive trading in the accounts of four customers, two of whom were senior citizens, according to a recent Letter of Acceptance, Waiver, and Consent (AWC) presently being reviewed by attorneys Alan Rosca and James Booker.

Investors who believe they may have lost money in activity related to Steven Meyer’s alleged churning and excessive trading in customer accounts are encouraged to contact attorneys Alan Rosca or James Booker with any useful information or for a free, no obligation discussion about their options.

The Peiffer Rosca Wolf securities lawyers are currently investigating Steven Meyer’s alleged churning and excessive trading in customer accounts.

Meyer‘s alleged active trading in the four accounts purportedly resulted in more than $115,000 in cumulative losses to his customers, while Meyer allegedly generated $160,000 in sales charges, according to the aforementioned AWC.

Meyer, also during 2015, allegedly executed 10 unauthorized transactions in the customer’s account, and during 2016, 41 of the 67 trades purportedly made in the customer’s account were allegedly unauthorized, the AWC states.

Steven Meyer Barred from the Securities Industry by FINRA

Steven Meyer, based on the aforementioned alleged behavior, allegedly violated FINRA Rules and therefore has been barred by the securities industry by FINRA, according to the aforementioned AWC currently being examined by attorneys Alan Rosca and James Booker.

This follows a ruling in August wherein Steven Meyer was reportedly barred by the New Hampshire State Securities Bureau for allegations of excessively and rapidly trading three customer accounts while working at Legend Securities, according to an Order from the State of New Hampshire Department of State Bureau of Securities Regulation.

Said Order also alleges that trading was purportedly found to be unsuitable and confirmations were marked unsolicited when they were actually solicited.

What is more, the investigation found that Meyer also purportedly violated telemarketing policies, and allegedly churned customer accounts, the Order notes. Finally, he was found to have allegedly acted unethically and dishonestly, the Order states.

Finally, one should also note that, according to the AWC, Steven John Meyer neither admitted nor denied the FINRA findings.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Steven Meyer’s alleged churning and excessive trading in customer accounts. 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 Steven Meyer’s alleged churning and excessive trading in customer accounts may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at arosca@prwlegal.com or jbooker@prwlegal.com.

Alan Rosca (1225 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.