The Financial Industry Regulatory Authority (FINRA) fined New York-based Meyers Associates, now known as Windsor Street Capital, $700,000 and barred Bruce Meyers, its principal, from serving as a principal of a firm or as a supervisor. FINRA called the firm’s disciplinary history “highly troubling,” and said that the firm had been the subject of 16 final disciplinary actions since 2000. Since that year, it has paid approximately $390,000 in monetary sanctions as a result of the actions, which included supervisory failure, making untrue statements or omitting to state material facts in connection with a securities offering, failing to keep adequate books and records, inadequate review of electronic correspondence, and failing to report or timely report customer complaints. In September, the Securities and Exchange Commission (SEC) denied Mr. Meyers’ appeal of a FINRA decision in which he was disqualified from serving as his firm’s chief executive. Mr. Meyers also served a four-month suspension in all principal and supervisory capacities.
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