Craig Langweiler of Philadelphia, Pennsylvania Suspended 14 Months by FINRA for Excessive Trading and Unsuitable Recommendations
Have you lost money with financial advisor Craig Langweiler of Philadelphia, Pennsylvania? We are investigating allegations made by FINRA (the Financial Industry Regulatory Authority) against Craig Langweiler, a former advisor with Meyers & Associates (now known as Windsor Street Capital). FINRA alleged that Langweiler engaged in excessive trading and also made unsuitable investment recommendations. FINRA alleged that Langweiler engaged in discretionary trading in one customer’s account without prior written authorization, in violation of FINRA rules.
FINRA alleged that one customer had an annual portfolio turnover of over 28, more than 4 times the amount that is deemed to be “conclusive” of excessive trading or churning. The customer also had a cost-equity ratio of 60.5%, meaning that the customer’s account needed to earn a 60.5% profit just to break even from the costs of the trading. FINRA alleged that this was unsuitable. FINRA suspended Langweiler for a total of 14 months, fined him $17,500, and ordered him to disgorge $18,192 in commissions. However, since Langweiler is no longer in the securities industry, it is doubtful that he’ll pay the fines or disgorgement.
Craig Langweiler was a financial advisor and registered representative of Meyers & Associates (Windsor Street Capital) from October 2011 to March 2017. He worked at a branch office in Philadelphia, Pennsylvania. Langweiler’s BrokerCheck report discloses that he is the subject of thirteen customer complaints and twenty judgments or liens.
Brokerage firms like Meyers & Associates have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado, the Seattle area, and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including numerous investors in Pennsylvania in the past, such as victims of the Doug Simanski scheme. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: Langweiler, Craig FINRA Order
Click to view: Langweiler, Craig BrokerCheck 12.11.17
If you lost money with Craig Langweiler or Meyers & Associates, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.