Meyers Associates, L.P. (CRD# 34171) (SEC# 8-46219) | Cold Spring Advisory Group

Meyers Associates, L.P. (CRD# 34171) (SEC# 8-46219)

Meyers Associates, L.P. is a brokerage firm located at 45 Broadway, 2nd Floor, New York, NY. The firm, classified as a partnership, registered with the SEC in 1993 and with FINRA in 1994. Meyers Associates is currently licensed to operate in 52 U.S. states and territories, however a consent order entered on March 24, 2015 suspended the firm's Connecticut broker-dealer registration for 60 days, and ordered the firm's CEO, Bruce Meyers to withdraw his Connecticut registration as a broker-dealer agent of Meyers Associates. 

The order further prohibits Meyers Associates from selling certain securities in Connecticut for three years and required that the firm and its CEO Bruce Meyers to pay a $50,000 fine. The order was a result of a complaint initiated by the State of Connecticut that alleged among other things, that both Bruce Meyers and the firm failed to "discharge their supervisory responsibilities, violated the Connecticut Uniform Securities Act by selling and offering unregistered securities, failed to keep accurate and complete books and records, engaged in dishonest or unethical practices and provided inaccurate, false or misleading information to the commissioner."

Previously, in 2010, the Connecticut Banking Commissioner issued an order to cease and desist, a notice of intent to revoke registration as a broker-dealer and a notice of intent to fine Meyers for violating the Connecticut Uniform Securities Act. In this instance, the firm was alleged to have employed unregistered brokers, sold unregistered securities and engaged in unethical, fraudulent and dishonest activities when it failed to disclosed a "handling fee" charged to its customers included a profit to the firm. Further, the firm did not charge the same handling fee to all of its customers consistently, and the fee was not based on the costs of handling the related transactions. Meyers was also cited for supervisory failures that did not adequately monitor its operations. In addition to the $12,500 fine, the firm was ordered to reimburse its clients the portion of the handling fee in excess of postage and ticket costs.

Meyers Associates has a history of disciplinary actions, dating back to at least 2000.  Currently, the firm has 28 disclosure events on its FINRA BrokerCheck report. Regulatory events account for 19 of these events -- 4 of which are pending -- and arbitrations make up the remaining nine events. Notably, in 2010, Meyers was fined on two separate occasions for failing to respond to FINRA requests for information and or documentation. The two events resulted in a total $85,000 fine and a 4-month suspension for the firm's CEO Bruce Meyers.