{"id":3050,"date":"2015-01-16T00:00:00","date_gmt":"2015-01-16T05:00:00","guid":{"rendered":"http:\/\/silverlaw.lawblogger.net\/blog\/finra-files-regulatory-charges-against-meyers-associates-l-p-imtiaz-a-khan-and-bruce-meyers-for-improperly-marketing-a-private-placement\/"},"modified":"2018-10-08T12:39:41","modified_gmt":"2018-10-08T16:39:41","slug":"finra-files-regulatory-charges-against-meyers-associates-l-p-imtiaz-a-khan-and-bruce-meyers-for-improperly-marketing-a-private-placement","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/finra-files-regulatory-charges-against-meyers-associates-l-p-imtiaz-a-khan-and-bruce-meyers-for-improperly-marketing-a-private-placement\/","title":{"rendered":"FINRA Files Regulatory Charges against Meyers Associates, L.P., Imtiaz A. Khan and Bruce Meyers for Improperly Marketing a Private Placement"},"content":{"rendered":"<\/p>\n<p><a href=\"https:\/\/brokercheck.finra.org\/firm\/summary\/34171\" target=\"_blank\">Meyers Associates, L.P. (CRD# 34171)<\/a>, <a href=\"https:\/\/brokercheck.finra.org\/individual\/summary\/4084250\" target=\"_blank\">Imtiaz A. Khan (CRD# 4084250)<\/a> and <a href=\"https:\/\/brokercheck.finra.org\/individual\/summary\/1045447\" target=\"_blank\">Bruce Meyers (CRD# 1045447)<\/a>, of New York, New York, were named respondents in a FINRA complaint alleging that the firm and Meyers engaged in the improper public offering and sale of unregistered securities, in contravention of the Securities Act of 1933. The complaint alleges that through general solicitation, the firm and Meyers marketed an unregistered offering to over 1,000 individuals using boiler-plate emails, without first establishing a substantive relationship with each <a href=\"http:\/\/disciplinaryactions.finra.org\/viewdocument.aspx?DocNB=37637\" target=\"_blank\">recipient<\/a> solicited. In selling the offering, Meyers made exaggerated and unbalanced claims and improper predictions of how the stock would perform and <a title=\"Misrepresentation &amp; Omission of Material Facts\" href=\"https:\/\/www.silverlaw.com\/misrepresentation-omission-of-material-facts.html\" target=\"_blank\">omitted material facts<\/a>, including full disclosure of the firm\u2019s, Khan\u2019s and Meyers\u2019 ownership interest in the company. The emails did not contain adequate risk disclosures and failed to present a fair view of the investments. The FINRA complaint also alleges that the firm was required to file a <a title=\"Private Placements \u2013 Regulation D\" href=\"https:\/\/www.silverlaw.com\/private-placements-regulation-d.html\" target=\"_blank\">private placement <\/a>memorandum (PPM) for another offering with FINRA at or prior to the first time the document was provided to any prospective investor. The firm failed to do so and did not file the PPM until at least three months after providing the PPM to a prospective investor.\u00a0 Meyers was one of the majority owners of Sign Path Pharma, Inc.<\/p>\n<p>The complaint further alleges that the firm failed to establish and maintain a reasonable system for maintaining accurate books and records. Khan and Meyers caused the firm to record payments in its books and records, including payments for personal expenses improperly. As a result, the firm willfully violated Section 17(a) of the Securities Exchange Act of 1934 and Rules 17a-3, 17a-4 and 17a-5 thereunder; NASD Rule 3110; and FINRA Rules 2010 and 4511 by creating and maintaining inaccurate books and records.<\/p>\n<p>In addition, the complaint alleges that the firm failed to establish and maintain a reasonable system, including adequate WSPs, for the review by a registered principal of incoming and outgoing electronic correspondence. The firm did not maintain any documentation that adequately identified the communications reviewed, the reviewers or the dates on which the communications were reviewed. The firm failed to report, and failed to timely report, customer complaints. Most of the complaints were sent to registered representatives via email, and contained allegations of <a href=\"https:\/\/www.silverlaw.com\/finra-sales-practice-violations.html\" target=\"_blank\">sales practice violations<\/a>. The firm failed to locate many of these emails through any supervisory review of email communications. The firm also failed to establish, maintain and enforce written <a href=\"https:\/\/www.silverlaw.com\/failure-to-supervise.html\" target=\"_blank\">supervisory<\/a> control policies and procedures concerning the transmittal of customer funds and the activities of producing managers. In addition, the firm prepared a deficient NASD Rule 3012 report during 2009. (<a href=\"http:\/\/disciplinaryactions.finra.org\/viewdocument.aspx?DocNB=37637\"  target=\"_blank\"><strong>FINRA Case #2010020954501<\/strong><\/a>)<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.silverlaw.com\/blog\/finra-files-regulatory-charges-against-meyers-associates-l-p-imtiaz-a-khan-and-bruce-meyers-for-improperly-marketing-a-private-placement\/\"  title=\"Continue Reading FINRA Files Regulatory Charges against Meyers Associates, L.P., Imtiaz A. Khan and Bruce Meyers for Improperly Marketing a Private Placement\" class=\"more-link\">Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Meyers Associates, L.P. (CRD# 34171), Imtiaz A. Khan (CRD# 4084250) and Bruce Meyers (CRD# 1045447), of New York, New York, were named respondents in a FINRA complaint alleging that the firm and Meyers engaged in the improper public offering and sale of unregistered securities, in contravention of the Securities Act of 1933. The complaint alleges [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[610,609],"tags":[],"class_list":["post-3050","post","type-post","status-publish","format-standard","hentry","category-private-placement-memorandum","category-sales-practice-violations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FINRA Files Regulatory Charges against Meyers Associates, L.P., Imtiaz A. Khan and Bruce Meyers for Improperly Marketing a Private Placement &#8212; Securities Arbitration Lawyers Blog &#8212; January 16, 2015<\/title>\n<meta name=\"description\" content=\"Meyers Associates, L.P. (CRD# 34171), Imtiaz A. 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