Former Meyers Associates, L.P. Broker Permanently Barred By FINRA
Posted on Wednesday, May 10th, 2017 at 8:13 pm
Erez Law is currently investigating former Meyers Associates, L.P. financial advisor David Leonard Sheppard (CRD# 2527279) regarding excessive trading and churning in customer accounts. Sheppard was with Meyers Associates, L.P. in New York, New York from December 2015 to October 2016. Previously, he was registered with Aegis Capital Corp. in New York, New York from February 2014 to December 2015.
In April 2017, FINRA barred Sheppard from acting as a broker or otherwise associating with firms that sell securities to the public, after he consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with an investigation into potential excessive trading and churning in four customer accounts between February 2014 and December 2015, according to the Letter of Acceptance, Waiver and Consent (AWC).
Sheppard has been the subject of three customer complaints, one of which was denied, between 1999 and 2015, according to his CRD report:
December 2015. “Unauthorized trading, unsuitable investment,use of margin, breach of fiduciary duty.” The customer is seeking $86,088.44 in damages and the case is currently pending.
January 2015. “Time Frame: 01/01/2009 to 01/16/2015. Client alleges trading losses in various securities and overall poor performance of portfolio.” The customer sought $130,000 in damages and the case was settled for $40,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Meyers Associates, L.P. may be liable for investment or other losses suffered by Sheppard’s customers.
Erez Law represents investors in the United States for claims against former Meyers Associates, L.P. financial advisor David Leonard Sheppard, who is alleged to facilitate excessive trades and churn in customer accounts. If you were a client of former Meyers Associates, L.P. financial advisor David Leonard Sheppard or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.