As a financial analyst and writer, I feel it’s essential to shine a light on the recent case involving a professional like Walter Meyers—a broker affiliated with Osaic Wealth. Walter Meyers appears on the BrokerCheck database with a CRD number of 4207941, an identification number made public as of February 27, 2024.
Investigating the Allegations
On November 21, 2023, an investor stepped forward with a grievance against Meyers. The charge? Misrepresenting a high-risk alternative investment that wasn’t a good match for the investor’s profile. The investor is seeking damages of $68,000, a significant sum that highlights the potential severity of the claim.
Understanding the Violations
As an analyst, I often refer to the FINRA rules that establish fair play in our industry. Rule 2020 is crystal clear—it bans any underhanded or manipulative actions in selling or purchasing securities. Any misrepresentation—or hiding—of important facts, which Meyers is accused of, would break this rule.
Another vital rule is 2111, which mandates investment recommendations to be in line with an investor’s financial objectives. Violations can take on various forms:
- Frequent trading, also known as “churning,” which is at odds with the investor’s goals due to the unnecessary costs and activity level.
- Advising investment strategies that lack diversity, like over-investing in a single sector or stock, thereby increasing risk.
- Pushing for high-risk or hard-to-sell investments that often come with hefty fees, benefitting the broker more than the investor.
Investors who’ve taken Meyers’ advice might have the chance to recoup their losses through FINRA’s arbitration process.
Who is Walter Meyers?
Let’s take a moment to look at Meyers’ background. His professional qualifications include:
- Passing the Series 66 exam which covers the laws, regulations, and ethics relevant to investment advice and transactions.
- The Securities Industry Essentials Examination (SIE), a foundational test for those starting in the industry.
- Achieving success in the Series 31 exam, delving into the management of futures funds.
- And of course, the pivotal Series 7, covering a broad range of investments and marking him as a General Securities Representative.
With a career spanning 23 years, he’s been registered with six firms, currently with Osaic Wealth. His past engagements stretch from Woodbury Financial Services to Morgan Stanley. Meyers is licensed to work in Florida, Illinois, Indiana, Iowa, and North Carolina.
Remember “Caveat emptor” or “Let the buyer beware.” It’s advice worth its weight in gold, especially when dealing with brokers. If you run into issues, don’t hesitate to seek out legal help. There have been legal teams for nearly two decades representing investors who are working to recoup their losses on a contingency basis—meaning you only pay if they win for you. Never let potential securities fraud slide by unnoticed.
I also want to share a critical financial fact: a study has shown that bad financial advisors cost clients an average of 3% in returns annually. And with a famous quote in mind, as Warren Buffet once said, “It’s only when the tide goes out that you learn who has been swimming naked.” It’s a gentle reminder of the risks inherent in investing and the importance of due diligence when selecting an advisor. Don’t let yourself be caught in a financial undertow with a less-than-reputable broker.
