Bruce Meyers Barred: Supervisory Allegations Against Former Windsor Street Capital Broker
A disciplinary action taken by the Financial Industry Regulatory Authority against former New York City broker Bruce Meyers (CRD# 1045447) barred him over allegations he and his member firm failed in their supervisory duties. A former representative of Windsor Street Capital, which was formerly known as Meyers Associates, Meyers was barred from participating in principal or supervisory activities.
According to an order accepting an offer of settlement (No. 2016048912703) dated May 2019, Meyers had been named in a FINRA complaint connected to allegations that he and his former member firm failed to establish, maintain and enforce various supervisory systems, including those that would prevent fraudulent activity and undisclosed and excessive markups. FINRA’s complaint alleged that Meyers’ duties as chief executive officer included ensuring the firm’s compliance with FINRA rules and securities regulations concerning the designation of “qualified, registered principles to supervise the firm’s business.” The complaint went on to allege that he and the firm failed to supervise various activities, including “trading in employee-related accounts, excessive undisclosed markups and markdowns charged to customers; trading in firm accounts and pricing on principal or riskless principal trades for the purpose of calculating markups and markdowns markups,” markup and markdown charges, proprietary trading, and more. Meyers also allegedly participated in outside business activities relating to a “real estate and mergers and acquisitions advisory business” for which they did not provide prior written notice to the firm. He also allegedly falsely represented to the firm that he had not participated in outside business activities that merited disclosure, according to FINRA. As a result of the foregoing alleged conduct, he was indefinitely barred from acting in any principal capacity. He was also ordered to pay a fine of $20,000.
Bruce Meyers’ disclosure records also list several pending or settled customer complaints against him.
A pending 2017 complaint concerning his conduct as a representative of Meyers Associates alleges churning, margin trading, suitability violations, and unauthorized trading. The complaint alleges damages of $383,000.
A pending 2016 complaint concerning his conduct as a representative of Meyers Associates alleges suitability violations related to private placement investments. The complaint alleges damages of $545,000.
A 2009 complaint concerning his conduct as a representative of Meyers Associates alleged breach of fiduciary duty, breach of contract, negligence, and fraud. The complaint reached a settlement of $30,000.
A 2007 complaint concerning his conduct as a representative of Meyers Associates alleged excessive trading. The complaint reached a settlement of $150,000.
Bruce Meyers is not currently registered as a broker or investment advisor. His employment history includes Meyers Associates/Windor Street Capital in New York City, Janssen-Meyers Capital Group, DH Blair & Company, Global Capital Securities, EG Frances & Company, IHG Capital Corporation, Commonwealth Associates, and IA Rabinowitz & Company. He currently holds no state registrations and has passed four securities industry qualification examinations.