Shining the spotlight on the besuited figures of Wall Street, we delve into the recent investor dispute encircling Walter Meyers, a broker with Osaic Wealth. Meyers, with a CRD number of 4207941, now bears an unsavory scar on his BrokerCheck record, with public access since February 27, 2024.
Diving into the Dispute
According to the disclosure, an investor raised an allegation against Meyers on November 21, 2023, accusing him of misrepresenting an unsuitable alternative investment. As it stands, the investor is currently seeking $68,000.
Rules Broken; Trust Shattered
Revisiting the Financial Industry Regulatory Authority (FINRA) handbook, Rule 2020 precisely prohibits the usage of deceptive and manipulative tactics in influencing securities’ purchase and sale. The misrepresentation or deliberate omission of crucial facts, as alleged against Meyers, violates this rule.
Next up, unsuitable investments. This violation dips its toes into FINRA Rule 2111, pushing brokers to align investor’s financial goals with their investments. But, the shades of violation sport a varied palette:
- Excessive trading, a.k.a “churning,” contradicts the need for quantitative suitability. The trades’ frequency must fall in line with an investor’s objectives.
- Second on the list is recommending unsuitable investment strategies. For example, overconcentrating securities in a single stock or industry sector typically spells unsuitable due to increased risk.
- Last, suggesting high-risk or illiquid investments. These tend to incur high fees, looting the investor’s pockets while filling the broker’s.
Those investors who banked on Meyers for investment recommendations may stand a chance to recover their losses through FINRA arbitration procedures.
Meyers Unveiled
So who is Walter Meyers? Bedecked with the following professional accomplishments:
- Passing Series 66 Uniform Combined State Law Examination.
- Clearing SIE – Securities Industry Essentials Examination.
- Scoring in Series 31 Futures Managed Funds Examination.
- And finally, recording a win in Series 7 General Securities Representative Examination.
Throughout 23 prolific years, he registered with a total of six firms, including his current stint at Osaic Wealth. His former affiliations range from Woodbury Financial Services, LPL Financial, Fifth Third Securities, A.G. Edwards & Sons to Morgan Stanley. Today, Meyers is a registered broker in five states: Florida, Illinois, Indiana, Iowa, and North Carolina.
It pays to stay vigilant. If you ever cross paths with brokers like Walter Meyers and face issues with your investments, it’s crucial not to shy away. Reach out to securities attorneys for a free consultation. For almost two decades, certain legal firms have represented investors, striving to recover their investment losses from brokers and firms. These firms work on a contingency basis, meaning they only earn a fee upon successful recovery of your lost funds. Don’t let securities fraud go unchecked.