According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Roman Meyerhans (Meyerhans), currently associated with Stifel, Nicolaus & Company, Incorporated, has at least 3 disclosable events. These events include one customer complaint, 2 regulatory events, alleging that Meyerhans recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on October 17, 2023.
Subject to an order and suspension by FINRA for violating FINRA Rules 4511 and 2010.
FINRA BrokerCheck shows a final customer complaint on March 28, 2023.
Without admitting or denying the findings, Meyerhans consented to the sanctions and to the entry of findings that he caused his member firm to maintain incomplete books and records by using an instant messaging application to communicate with firm customers regarding securities-related business. The findings stated that the instant messaging application was not an approved electronic communications channel, so the firm did not capture or maintain Meyerhans’ instant messaging application communications. After discovering Meyerhans’ use of the instant messaging application to communicate with firm customers, the firm issued a Letter of Education reminding him of the firm’s prohibition against using unapproved electronic messaging platforms. Although Meyerhans acknowledged that he had read, understood, and agreed to comply with the terms of the Letter of Education (including the firm’s electronic communications policies), he continued for another 19 months to use the instant messaging application to communicate with firm customers regarding securities-related business.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,000,000.00 on January 22, 2021.
Claimants allege FA made unsuitable investment recommendations, unnecessarily encouraged margin use, incorrectly marked trades as ‘unsolicited,’ improperly used What’sApp to communicate with Claimants, failed to accurately disclose the risks of Claimants’ investments, and placed his interest above those of Claimants to maximize commissions and fees. Alleged Activity Dates: 10/21/15 – 12/31/20.
In the financial industry advisors must meet the requirements of the SEC’s Regulation Best Interest (Reg BI) in providing investment advice and services. Reg BI established a ‘best interest’ standard for brokerage firms and registered representatives. This standard applies when a registered representative is providing investment advice through making recommendations customers and covers securities transaction, investment strategies, and recommendations concerning advice on opening of an account or accounts. This standard applies when brokers make recommendations to retail customer for any securities transaction or investment strategy involving securities, including recommendations of types of accounts.
Next, the broker must understand the investor’s investment background and profile. A customer’s profile includes information that describes the investor’s financial situation and needs. Information here will include their outside securities accounts and investments; relevant assets and debts; tax bracket; age; liquidity needs; risk tolerance; investment time horizon; experience with investing; investment objectives; and any other relevant information that the investor may choose to disclose pertinent to their situation. Reg BI was meant to enhance the duties that registered representatives have to their clients by applying fiduciary principles to transactions and investment strategies by prohibiting brokers from placing their own financial interests ahead of the best interests of their client – the investor. Reg BI comes with different key obligations that associated persons must meet in dispensing advice. The care obligation requires registered representatives to carefully evaluate investment options, review the risks and rewards of the investment or service, compare similar products, and ensure that the recommended investment is appropriate for the customer and in the retail investor’s best interest.
Next, the broker must understand the investor’s investment background and profile. A customer’s profile includes information that describes the investor’s financial situation and needs. Information here will include their outside securities accounts and investments; relevant assets and debts; tax bracket; age; liquidity needs; risk tolerance; investment time horizon; experience with investing; investment objectives; and any other relevant information that the investor may choose to disclose pertinent to their situation. The associated person must then apply both their reasonable diligence into various investment options as well as the information gathered as to the investor’s specific needs when considering the investment recommendation. The broker must explore various alternative investment options available to address these needs and determine that there is a reasonable basis to believe that the recommendation or service being recommended is in the retail investor’s best interest. An advisor must understand the type of account, securities, and their client in order to meet their care obligations. The type of securities account has the potential to greatly affect retail customers’ costs and investment returns. Different types of securities accounts can offer different features, products, or services, and not all types of accounts or services would be in every investor’s best interest.
Meyerhans entered the securities industry in 2002. Meyerhans has been registered as a Broker with Stifel, Nicolaus & Company, Incorporated since 2023.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.