Our firm is investigating Merrill Lynch, Pierce, Fenner & Smith Incorporated broker and financial advisor Justin Edward Myers (CRD# 5868828) of Morristown, Tennessee for potential investment-related misconduct involving a settled customer dispute over alleged misrepresentation of the amount to be received upon maturity of closed-end fund investments.
Financial Advisor’s Career History
According to publicly available FINRA BrokerCheck records, Justin Edward Myers has been registered as a General Securities Representative with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691) since September 2017 and is based out of the firm’s branch office located at 225 W First North Street, Morristown, Tennessee 37814. He is also licensed as an Investment Adviser Representative in multiple U.S. states and territories through Merrill Lynch.
Before joining Merrill Lynch, Myers was registered with Edward Jones (CRD# 250) in Knoxville, Tennessee from January 2011 through September 2017, where he worked as a financial advisor. His employment history also reflects an investment-related position with Bank of America, N.A. in Knoxville beginning in October 2017, concurrent with his role at Merrill Lynch.
Justin Edward Myers Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck discloses one customer dispute involving Justin Edward Myers that has been reported as settled. While a settlement does not, by itself, constitute an admission of liability, it is often an important data point for investors evaluating a broker’s track record.
Customer Dispute – Settled (Closed-End Funds)
- Firm involved: Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Date complaint received: June 7, 2022
- Product type: Other – Closed-End Funds
- Allegations: The customer alleged that a misrepresentation was made regarding the amount to be received upon the maturity date of the closed-end fund investment.
- Alleged damages: “Damages are not specified” (reported amount $0.00, with no exact damages figure stated).
- Disposition: Settled on or about August 12, 2022.
- Settlement amount: $90,000.00 paid to the customer.
- Individual contribution: $0.00 reported as contributed by Myers personally.
- Form of complaint: Reported as an oral (not written) complaint, and not an arbitration or civil litigation proceeding.
At this time, BrokerCheck shows no additional customer disputes, regulatory actions, employment terminations, bankruptcies, or criminal disclosures involving Myers beyond this settled complaint. However, even a single settled misrepresentation claim involving complex products such as closed-end funds may raise questions about whether the risks, costs, and potential payout characteristics were accurately explained and suitable for the customer’s objectives and risk tolerance.
Investors who believe they may have suffered losses due to stockbroker fraud or investment fraud and misrepresentation in connection with closed-end fund or other complex product recommendations should carefully review their account statements, trade confirmations, and any written materials received from the broker or firm.
Investors can and should conduct their own due diligence when evaluating a broker’s history. To obtain a copy of Justin Edward Myers’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) requires a broker to have a reasonable basis to believe that any recommended transaction or investment strategy is suitable for the customer based on that customer’s investment profile, including age, financial situation, risk tolerance, investment objectives, time horizon, and liquidity needs. In the customer dispute involving Myers, the investor alleged misrepresentation about the amount to be received upon maturity of closed-end fund investments. If a broker recommended or held closed-end funds for a client while emphasizing a particular maturity payout that did not accurately reflect the product’s structure, market risk, or interest-rate sensitivity, arbitrators could conclude that the recommendations were unsuitable under FINRA Rule 2111 (Suitability)—particularly if the investor was seeking income stability or principal preservation and was not adequately warned about the possibility of receiving less than the stated or implied amount at maturity.
FINRA Rule 2210 (Communications with the Public) governs a broker’s written and oral communications with customers and requires that they be fair and balanced, and that they not contain false, exaggerated, unwarranted, promissory, or misleading statements or claims. When a customer alleges that a broker misrepresented the amount that would be paid at maturity on a closed-end fund investment, arbitrators may analyze whether statements about payout, yield, or “guaranteed” income violated FINRA Rule 2210 (Communications with the Public). If the broker’s explanations of the product’s maturity value omitted material risks, overstated the likelihood of receiving a specific amount, or created an impression of principal protection that did not exist, those communications can be deemed misleading under Rule 2210’s content standards.
FINRA Rule 2010 (Standards of Commercial Honor and Just and Equitable Principles of Trade) is a broad ethical rule that requires brokers and member firms, “in the conduct of [their] business,” to observe high standards of commercial honor and just and equitable principles of trade. Even where a firm or associated person has not been formally found liable for a technical suitability or advertising violation, allegations that a broker misinformed a client about how much they would receive at maturity or failed to correct a known misunderstanding can raise serious concerns under FINRA Rule 2010. In cases like the settled complaint reported on Myers’s record, investors and their counsel may argue that any pattern of misleading statements or omissions about a product’s payout structure falls short of the high ethical standards required by Rule 2010.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.