FINRA Suspends Roman Meyerhans for Alleged Firm Policy Violations
Roman Meyerhans (CRD #: 4587943), a broker registered with Raymond James & Associates, was recently suspended by FINRA, according to his BrokerCheck record, accessed on April 17, 2023. Keep reading to learn more about his alleged conduct as a broker.
FINRA Suspension
On March 28, 2023, Roman Meyerhans consented to the entry of findings that he allegedly caused Raymond James & Associates to keep incomplete books and records by communicating with clients through WhatsApp Messenger, which was not an approved communications channel and thus not preserved in the firm’s records.
According to a Letter of Acceptance, Waiver & Consent (AWC), Roman Meyerhans allegedly exchanged hundreds of WhatsApp messages pertaining to securities-related business with 12 firm clients between September 2016 and February 2022. These messages allegedly concerned investment recommendations, market conditions, and client orders, among other subjects.
During the relevant period, Raymond James & Associates’ policies and Written Supervisory Procedures (WSPs) allegedly required employees to use firm-approved channels for business communications with clients so the firm could supervise and preserve them.
Further, Roman Meyehans allegedly attested on multiple firm compliance questionnaires that he did not use text messaging for business communications and that he understood the firm’s prohibition on this channel.
In July 2020, Raymond James & Associates allegedly sent Roman Meyerhans a Letter of Education reminding him that the use of unapproved electronic messaging platforms was prohibited under the firm’s policies.
However, the AWC alleges that Roman Meyerhans continued to use WhatsApp to communicate with clients for another 19 months, despite allegedly acknowledging the Letter of Education and agreeing to comply with it.
The AWC concludes that these allegations constitute violations of FINRA Rules 4511 and 2010.
FINRA Rule 4511
FINRA Rule 4511 requires firms to keep accurate and up-to-date books and records.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
Roman Meyerhans consented to the following sanctions:
- $10,000 fine
- 30-calendar-day suspension
His suspension began on April 17, 2023, and will end on May 16, 2023.
You can read the full AWC here.
Settled Dispute
On January 22, 2021, multiple investors filed a dispute alleging that Roman Meyerhans recommended unsuitable investments, encouraged margin use, failed to accurately describe the risks involved in their investments, and failed to act in clients’ best interests by attempting to maximize his commissions and fees.
The clients further alleged that he improperly used WhatsApp to communicate with them and incorrectly marked solicited trades as unsolicited.
The investors alleged that this misconduct occurred between October 21, 2015, and December 31, 2020. They sought $1 million in damages and received a settlement of $92,500.
FINRA Rule 2111 and Regulation Best Interest
FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. An investor’s profile includes information about their risk tolerance, age, and financial goals.
Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.
FINRA Rule 2020
FINRA Rule 2020 bans the use of manipulative or deceptive tactics, like the misrepresentation or omission of material facts, as they relate to the purchase and sale of securities.
Background Information
Roman Meyerhans has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
Roman Meyerhans is a registered broker in 25 states as well as Puerto Rico and the Virgin Islands. He is also a registered investment adviser in Florida.
He has also worked for the following firms:
- Deutsche Bank Securities (CRD#:2525)
- Barclays Capital (CRD#:19714)
- Lehman Brothers (CRD#:7506)
Kurta Law Can Help
If you worked with Roman Meyerhans and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.
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