On May 7, 2018, the Financial Industry Regulatory Authority, Inc. (FINRA) publicly released a complaint that it filed against Windsor Street Capital, LP (formerly known as Meyers Associates, L.P.) and four of its registered representatives. FINRA registers and regulates brokers and brokerage firms.
The complaint names Windsor and its associated persons Bruce Meyers, Imitaz (Raana) Khan, Arthur Tacopino, and Edwin Rodriguez as co-respondents. In the complaint, FINRA alleges that the individuals perpetrated two separate fraudulent schemes. FINRA further alleges the schemes were “facilitated by [Windsor’s] fundamental lack of commitment to protecting investors and to complying with applicable securities laws, regulations and FINRA rules.”
Alleged Fraudulent Schemes
FINRA alleged one of the schemes involved Windsor Street imposing undisclosed and excessive markups on customer trades at the direction of its founder and former president, Bruce Meyers. The scheme netted Windsor $318,109 in ill-gotten gains, said FINRA. Meyers has been the subject of several other regulatory and customer actions, and FINRA barred Meyers from serving in any principal or supervisory capacity at a firm registered with FINRA as of January 4, 2018.
FINRA alleged the other scheme involved Arthur Tacopino placing trades for securities, then allocating the profitable trades to himself and unprofitable trades to Windsor customers. Tacopino worked in Windsor’s operational department and directed Edwin Rodriguez, an order entry clerk, to purchase the securities without designating which account the trade was for, and then delayed allocating the trades to an account until learning how they performed, said FINRA.
The schemes violated anti-fraud rules Securities Exchange Commission (SEC) Rule 10b-5 and FINRA Rule 2020, among other rules, according to FINRA.
Recovering Investment Losses
Financial advisors, brokers, and other associated persons employed by brokerage firms have a duty to obey rules and laws designed to protect investors. In turn, brokerage firms have a duty to supervise their employees to ensure they do not commit violations. When firms fail to adequately supervise their employees and investors suffer loses as a result, firms may be held legally responsible for the losses.
If you suffered losses while investing with any of Windsor Street Capital’s brokers or advisors, and you believe your losses may be due to fraud or negligence, contact Marquardt Law Office LLC. You will receive a free phone consultation.
Marquardt Law Office LLC is a securities law firm that represents clients nationwide who have suffered losses due to misconduct such as fraud and negligence.