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Robert Myers Fined $20k, Suspended for Disputed VA Fees Classified as Unapproved Outside Business Compensation

FINRA fined Robert Jay Myers $20,000 and suspended him for one year in the wake of a customer's complaint Myers charged inappropriate fees in relation to variable annuities (VAs) and what FINRA deemed was an outside business activity which Myers had failed to disclose to his employing firm, MML Investors Services, LLC, in Greenwood Village, Colorado. MML eventually discharged Myers for this conduct after receiving the customer complaint alleging Myers' inappropriate fees.

FINRA AWC #2015045384601

According to the investigation, Myers entered into an oral agreement with a customer from MML to provide quarterly reviews of her accounts and, in exchange, receive advisory fees. The report indicates the client paid Myers approximately $57,575 for these services.

However, the AWC also indicates that Myers failed to properly notify MML of this arrangement and compensation, which FINRA deemed was outside the scope of his relationship with his firm.

In March 2015, the customer filed a dispute with MML and Myers, requesting damages in the amount of $57,575 and alleging that Myers charged inappropriate fees in relation to the VA accounts. After the relevant parties settled the matter for $25,903.75, MML terminated Myers for the misconduct.

If you have invested with Robert Jay Myers or with any broker or financial adviser who has solicited or entered into a similar advisory-fee arrangement outside the scope of that representative's relationship with his/her firm, and the ensuing payment of fees was inappropriate, excessive or harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.