Robert Meyer Barred for Refusing to Testify in Continuing Education Investigation

According to FINRA, Robert Frederick Meyer of New York, New York was barred from association with any FINRA member in all capacities for refusing to appear for on-the-record testimony requested by FINRA.

The investigation concerned whether Meyer cheated to fulfill his FINRA continuing education requirements. Continuing education is mandatory for all registered persons and is designed to ensure that securities professionals maintain current knowledge of regulatory requirements, products, and best practices.

FINRA's continuing education program has two components: a Regulatory Element administered by FINRA that covers compliance, regulatory, and ethical standards; and a Firm Element developed by member firms that addresses products, services, and investment strategies relevant to the firm's business.

Cheating on continuing education undermines the purpose of these requirements, which is to ensure that registered persons remain competent to serve investors. If securities professionals can bypass educational requirements, they may lack the knowledge needed to properly advise customers and comply with regulations.

When Meyer refused to provide testimony, FINRA was unable to fully investigate the allegations or determine what remedial measures might be appropriate. The bar ensures that Meyer cannot continue working in the securities industry where he would be subject to continuing education requirements.

For investors, this case highlights that regulatory requirements like continuing education serve protective functions. When you work with a registered broker or advisor, you have reasonable expectations that they are maintaining their professional knowledge. Attempts to circumvent these requirements should be taken seriously.

Investors can verify their broker's registration status and review any disclosed regulatory events through FINRA BrokerCheck.

Source: FINRA disciplinary actions (PDF)