Columbus Broker Bob Meyers Sanctioned: Private Equity Trades
Former Wells Fargo Clearing Services broker Bob Meyers (CRD# 1409245), who is currently registered as an investment adviser with Meyers Wealth Management in Columbus, Ohio, was recently the subject of a FINRA sanction over allegations he exercised engaged in undisclosed and unapproved private securities transactions. Meyers was issued a 12-month suspension and a fine of $20,000.
According to a Letter of Acceptance, Waiver and Consent (No. 2017056146401) dated October 2019, Bob Meyers was registered with Wells Fargo Clearing Services as a General Securities Representative from July 2007 until November 2017, when the firm filed notice of his discharge in “for recommending to clients that they participate in investments not offered through the Firm.” FINRA states that between February 2016 and October 2017, he solicited, facilitated and/or recommended 26 clients invest in securities offered by three private equity funds which the firm had not approved for sale. His participation in the transactions, according to FINRA, included helping some customers fill out documents and forwarding them marketing materials about the funds. In total, the 26 customers who invested in the private equities’ funds contributed more $1.9 million in capital during the period in question, according to FINRA, which notes that Meyers did not receive compensation from the funds from his participation. However, according to FINRA, Wells Fargo’s supervisory procedures forbade representatives from engaging in private securities transactions, and Meyers neither gave Wells Fargo prior written notice of his involvement nor sought its written approval before engaging in the transactions. FINRA found that this alleged conduct constituted violations of FINRA Rules 3280 and 2010. Meyers was suspended from association with any FINRA member firm for 12 months and ordered to pay a fine fo $20,000
Bob Meyers is currently not registered as a broker; he is registered as an investment adviser with Meyers Wealth Management in Columbus, Ohio. His previous registrations include Wells Fargo Clearing Services, Merrill Lynch, AdVest, Blunt Ellis & Loewi, Shearson Lehman Brothers, and Prudential-Bache Securities. He has passed four securities industry qualifying examinations and currently holds no state securities licenses. (Information current as of April 23, 2020.)