Troubled brokerage shuts down H.J. Meyers closes 17 offices, mulls bankruptcy – SFGate business brokers raleigh nc

Nor did a spokesman for the national association of securities dealers in washington, michael robinson, although a search of public documents shows the firm, founded in 1985 as thomas james associates, has a lengthy history of disciplinary action in several states.

Its most recent problems are in massachusetts where secretary of the commonwealth william galvin last year filed a complaint alleging meyers’ boston-based brokers used high-pressure sales tactics, made fraudulent presentations to customers, failed to disclose any risks at all and made unauthorized trades in what was described as a boiler room operation.

An administrative law judge’s ruling is pending in that matter, although a bankruptcy may make license revocation moot, said matt nester, chief of enforcement for the secretary of the commonwealth’s securities division.Business brokers raleigh nc

No formal allegations of securities law violations have been filed in california, although bill mcdonald, chief of enforcement for the california department of corporations, said wednesday there is an ongoing investigation of the company’s practices in the state.

Callers to meyers’ rochester office wednesday heard a tape of a man’s voice referring customers to another full service brokerage and investment banking firm, SG cowen securities corp. In new york, which had been serving as meyers’ clearing agent – that is, executing meyers’ trades.

However, at midday wednesday, cowen issued a statement, without elaboration, that added confusion to the meyers story. It said that as a result of the cessation of the brokerage business at H.J. Meyers, SG cowen is terminating its clearing agreement with H.J.Business brokers raleigh nc meyers.

However, another securities professional who did not want to be identified said he was not concerned by meyers’ failure. Companies go out of business all the time and records are sorted out, he said.

A spokesman for the securities and exchange commission, which does not confirm or deny it has investigations under way, said the SEC is referring queries to SG cowen, at 1-800-221-5616. In 1996, meyers was censured by the national association of securities dealers and fined $250,000. In 1991, the state of delaware issued a notice to suspend or revoke the broker-dealer and agent registration of founder thomas james. In the same year, florida charged villa and other meyers employees with allegedly selling unregistered securities and other violations.

On monday, the boston herald reported that the beleaguered micro-cap stockbroker had alerted securities regulators that it was running short of money and was seeking capital to stay in business.Business brokers raleigh nc the newspaper reported that on sept. 10 it ceased handling buy and sell orders for customers and was referring them to SG cowen.

Higley, the building manager at 433 california st., said meyers employees had told her the company would file for bankruptcy. They gave her no formal notification they were vacating, but they did not look peaceful when they walked out (tuesday), she said.

Meyers also closed its offices in atlanta, chicago, cincinnati, dallas, irvine, los angeles, manhattan, philadelphia, plainview, N.Y.; ramsey, N.J.; red bank, N.J.; richmond, va.; rochester, N.Y.; san diego and woodbridge, N.J.<

Nor did a spokesman for the national association of securities dealers in washington, michael robinson, although a search of public documents shows the firm, founded in 1985 as thomas james associates, has a lengthy history of disciplinary action in several states.Business brokers raleigh nc

Its most recent problems are in massachusetts where secretary of the commonwealth william galvin last year filed a complaint alleging meyers’ boston-based brokers used high-pressure sales tactics, made fraudulent presentations to customers, failed to disclose any risks at all and made unauthorized trades in what was described as a boiler room operation.

An administrative law judge’s ruling is pending in that matter, although a bankruptcy may make license revocation moot, said matt nester, chief of enforcement for the secretary of the commonwealth’s securities division.

No formal allegations of securities law violations have been filed in california, although bill mcdonald, chief of enforcement for the california department of corporations, said wednesday there is an ongoing investigation of the company’s practices in the state.Business brokers raleigh nc

Callers to meyers’ rochester office wednesday heard a tape of a man’s voice referring customers to another full service brokerage and investment banking firm, SG cowen securities corp. In new york, which had been serving as meyers’ clearing agent – that is, executing meyers’ trades.

However, at midday wednesday, cowen issued a statement, without elaboration, that added confusion to the meyers story. It said that as a result of the cessation of the brokerage business at H.J. Meyers, SG cowen is terminating its clearing agreement with H.J. Meyers.

However, another securities professional who did not want to be identified said he was not concerned by meyers’ failure. Companies go out of business all the time and records are sorted out, he said.

A spokesman for the securities and exchange commission, which does not confirm or deny it has investigations under way, said the SEC is referring queries to SG cowen, at 1-800-221-5616.Business brokers raleigh nc in 1996, meyers was censured by the national association of securities dealers and fined $250,000. In 1991, the state of delaware issued a notice to suspend or revoke the broker-dealer and agent registration of founder thomas james. In the same year, florida charged villa and other meyers employees with allegedly selling unregistered securities and other violations.

On monday, the boston herald reported that the beleaguered micro-cap stockbroker had alerted securities regulators that it was running short of money and was seeking capital to stay in business. The newspaper reported that on sept. 10 it ceased handling buy and sell orders for customers and was referring them to SG cowen.

Higley, the building manager at 433 california st., said meyers employees had told her the company would file for bankruptcy.Business brokers raleigh nc they gave her no formal notification they were vacating, but they did not look peaceful when they walked out (tuesday), she said.

Meyers also closed its offices in atlanta, chicago, cincinnati, dallas, irvine, los angeles, manhattan, philadelphia, plainview, N.Y.; ramsey, N.J.; red bank, N.J.; richmond, va.; rochester, N.Y.; san diego and woodbridge, N.J.<

Nor did a spokesman for the national association of securities dealers in washington, michael robinson, although a search of public documents shows the firm, founded in 1985 as thomas james associates, has a lengthy history of disciplinary action in several states.

Its most recent problems are in massachusetts where secretary of the commonwealth william galvin last year filed a complaint alleging meyers’ boston-based brokers used high-pressure sales tactics, made fraudulent presentations to customers, failed to disclose any risks at all and made unauthorized trades in what was described as a boiler room operation.Business brokers raleigh nc

An administrative law judge’s ruling is pending in that matter, although a bankruptcy may make license revocation moot, said matt nester, chief of enforcement for the secretary of the commonwealth’s securities division.

No formal allegations of securities law violations have been filed in california, although bill mcdonald, chief of enforcement for the california department of corporations, said wednesday there is an ongoing investigation of the company’s practices in the state.

Callers to meyers’ rochester office wednesday heard a tape of a man’s voice referring customers to another full service brokerage and investment banking firm, SG cowen securities corp. In new york, which had been serving as meyers’ clearing agent – that is, executing meyers’ trades.

However, at midday wednesday, cowen issued a statement, without elaboration, that added confusion to the meyers story.Business brokers raleigh nc it said that as a result of the cessation of the brokerage business at H.J. Meyers, SG cowen is terminating its clearing agreement with H.J. Meyers.

However, another securities professional who did not want to be identified said he was not concerned by meyers’ failure. Companies go out of business all the time and records are sorted out, he said.

A spokesman for the securities and exchange commission, which does not confirm or deny it has investigations under way, said the SEC is referring queries to SG cowen, at 1-800-221-5616. In 1996, meyers was censured by the national association of securities dealers and fined $250,000. In 1991, the state of delaware issued a notice to suspend or revoke the broker-dealer and agent registration of founder thomas james. In the same year, florida charged villa and other meyers employees with allegedly selling unregistered securities and other violations.Business brokers raleigh nc

On monday, the boston herald reported that the beleaguered micro-cap stockbroker had alerted securities regulators that it was running short of money and was seeking capital to stay in business. The newspaper reported that on sept. 10 it ceased handling buy and sell orders for customers and was referring them to SG cowen.

Higley, the building manager at 433 california st., said meyers employees had told her the company would file for bankruptcy. They gave her no formal notification they were vacating, but they did not look peaceful when they walked out (tuesday), she said.

Meyers also closed its offices in atlanta, chicago, cincinnati, dallas, irvine, los angeles, manhattan, philadelphia, plainview, N.Y.; ramsey, N.J.; red bank, N.J.; richmond, va.; rochester, N.Y.; san diego and woodbridge, N.J.<