Former Meyers Associates Broker Under Investigation for Unsuitable Recommendations

Silver Law Group is investigation former Meyers Associates, L.P. (CRD# 34171) broker Michael S. Lavolpe (CRD# 5054798) over numerous FINRA arbitrations alleging unsuitable recommendations as well as a FINRA-led regulatory action.

According to Lavolpe’s FINRA BrokerCheck report, Lavolpe has been alleged to be involved in a little broker misconduct.  Spanning back to May 2015, five individuals have filed FINRA arbitrations alleging unsuitable recommendations against Lavolpe.  One FINRA arbitration has settled for $60,000.

Of the other four FINRA arbitrations, they collectively allege over $1 million in damages.

Due to the FINRA arbitration complaints, FINRA instituted a regulatory action against Lavolpe.  The complaint alleges that Meyers Associates terminated Lavolpe in July 2014 using a Form U5.  In October, Meyers Associates amended the Form U5 to include that Lavolpe had engaged in unsuitable recommendations in a customer’s account, according to the complaint.

Following the change in the Form U5, FINRA opened an investigation into Lavolpe’s connection with, among other things, the allegedly unsuitable recommendations in the customer’s account.  FINRA’s regulatory action is currently pending, with FINRA requesting sanctions due to Lavolpe’s failure to respond to FINRA’s letters requesting information.

Meyers Associates employed Lavolpe from March 2006 to July 2014.  Lavolpe is currently not registered.

Among other basic tenets, brokers are required to recommend suitable investments to their customers. This requires that the broker: Investigates and conducts due diligence into the investment’s attributes including its benefits, risks, tax consequences, and other relevant factors to form a reasonable basis for the recommendation of the product; and appropriately matches the investment with the customer’s specific investment needs and objectives, such as the customer’s retirement status, long or short-term goals, age, disability, income needs, or any other relevant factor.

When a broker or brokerage firm fails to recommend investments to its customers along those guidelines, there has to be accountability.  If you have lost money on an investment that did not fit your investment profile, you may be able to recover some or all of your lost money.

FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unauthorized trading.  We work on a contingency fee basis, meaning you pay us nothing unless we win and recover money for you.

If you have invested with Michael S. Lavolpe and Meyers Associates, L.P. and have lost money doing so, you may be able to recover some or all of your losses.  Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.

Silver Law Group represents the interests of investors who have been the victims of investment fraud.  If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.