Meyers Associates is Fined by FINRA Over Misleading Sales Literature
The Financial Industry Regulatory Authority is ordering Meyers Associates, now called Windsor Street Capital, to pay a $75K fine for a number of securities violations, including sending sales literature that was misleading via email and not supervising books and records preparations. The firm’s principal, Bruce Meyers, is now barred from working as a firm supervisor or principal.
According to the regulator’s National Adjudicatory Council, Meyers Association has been named in 16 disciplinary actions this century. It paid about $390K in sanctions for different issues, including issuing false statements, supervisory deficiencies, omissions related to a securities offering, improper review of emails, inadequate maintenance of books and records, and not reporting customer complaints in a timely manner. Last year, the US Securities and Exchange Commission turned down Meyers’ appeal of a FINRA securities ruling that prevented him from serving as firm CEO.
Ex-RBS Trader Banned and Fined £250,000 for Manipulating Libor
The UK’s Financial Conduct Authority has banned ex-Royal Bank of Scotland Group (RBS) trader Neil Danzinger from the securities industry and ordered him to pay a $338,000 over allegations that he rigged the London interbank offered rate (Libor). According to the regulator, Danziger, a former RBS interest rate derivatives trader, “routinely” asked RBS Libor submitters to modify the rate to benefit his trading positions. He also allegedly factored in certain trading positions when serving as a submitter and on more than one occasion got a broker to help him to rig other banks’ yen Libor submissions.
The FCA accused Danziger of being driven by “profit” and disregarding the risks he was creating due to his “improper” conduct. The ex-RBS trader’s lawyer maintains that his client is innocent.
Five years ago, the FCA fined RBS £87.5m in 2013 for its involvement in the Libor rigging scandal.
Former Credit Union President Gets Prison Term After Pleading Guilty to Bank Fraud
Ex-Panhandle Cooperative Federal Credit Union CEO and President Christine Darley received her prison sentence of time served and five years of supervised release, with part of that under house arrest. Darley pleaded guilty to bank fraud last year and admitted to improperly procuring an $180K loan from the credit union.
Now, Darley must pay over $137K of restitution to the CUMIS Insurance Society Inc. She also must pay $2500 to the Meridian Trust Federal Credit Union.
Darley was accused of embezzling over half a million dollars and allegedly withdrawing money and depositing the funds into her own accounts at the credit union and a bank for her benefit, as well as for that of friends and relatives. She also allegedly doctored documents to hide that she was stealing money.
In 2013, Darley and her husband filed for bankruptcy protection.
If you suspect that your investment losses are due to securities fraud, please contact The SSEK Partners Group today. We are here to help high net worth individual investors and institutional investors.
Finra fines Meyers Associates $700,000 over sales literature, InvestmentNews, January 5, 2018
Ex-RBS Trader Danziger Banned, Fined $338,000 Over Libor, Bloomberg, January 8, 2018
Bank Fraud Sentence Handed Down to Former CU CEO, CUTimes, January 10, 2018
More Blog Posts:
Ex-ConvergEx Group Executive Accused of Defrauding Charities and Retirement Funds Settles Fraud Charges for $975K, Institutional Investor Securities Blog, January 3, 2018
Ameriprise Ordered to Pay $8M Over F-Squared Alpha Sector Strategy Sales, Institutional Investor Securities Blog, November 8, 2017, Institutional Investor Securities Blog, November 8, 2017
SEC Orders 235 LLCs to Produce Documents Related to Its Woodbridge Fraud Probe, Stockbroker Fraud Blog, November 5, 2017
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