According to FINRA, Robert Steven Meyer (CRD #3074785) of Colts Neck, New Jersey, was barred from associating with any FINRA member firm in all capacities through an Acceptance, Waiver, and Consent (AWC) agreement effective April 9, 2024. This action stems from FINRA Case #2022076459306.
FINRA had been investigating potential violations of FINRA Membership Agreement restrictions and a related suspension. As part of this investigation, Meyer was required to appear for on-the-record testimony and had initially appeared for a session. However, when FINRA requested a continuation of the testimony, Meyer refused to appear. This refusal to complete the on-the-record testimony process served as the basis for the bar.
The underlying investigation concerned potential violations of a FINRA Membership Agreement. Membership Agreements are formal arrangements between FINRA and member firms that may impose specific restrictions or conditions on a firm's operations or on individuals associated with the firm. These agreements can restrict activities such as the types of securities a firm can sell, the supervision requirements for certain individuals, or the scope of business a firm can conduct. Violating the terms of a Membership Agreement is a serious matter because these agreements are often put in place in response to prior regulatory concerns.
The reference to a suspension in the underlying investigation adds another layer of significance. If Meyer was subject to a suspension and potentially violated its terms, that would represent a direct defiance of regulatory authority. FINRA suspensions are imposed to protect the investing public, and any violation of a suspension's terms is treated as an extremely serious matter.
Under FINRA Rule 8210, the obligation to provide testimony includes the obligation to complete testimony when a continuation is requested. Appearing for an initial session but then refusing to return for follow-up questioning does not satisfy the requirement. FINRA treats a refusal to continue testimony the same as an initial refusal to appear.
Investors should understand that Membership Agreement restrictions exist to address specific regulatory concerns about a firm or individual. When working with a broker or firm, investors can check FINRA BrokerCheck for any disclosed regulatory actions that may indicate the existence of restrictions or conditions on the broker's activities. Transparency and cooperation with regulators are hallmarks of trustworthy financial professionals.
