We filed this week a FINRA arbitration claim against WRP Investments, Inc., an Ohio corporation, and FINRA member firm. The claim involves selling away investment losses related to Jeffrey B. Meyer, a registered representative of Respondent WRP Investments from September 2009 to August 2012, for recommendations to buy Strategic Lending Solutions Fund, Inc. (“SLS”). Jeff Meyer is no longer in the securities industry. The branch office at issue in the filed Statement of Claim was located at 9 Crystal Lake Road, Suite 110, Lake in the Hills, Illinois 60156. WRP is a wholly owned subsidiary of Sterne Agee Financial Services, Inc., FINRA member, CRD # 18456.
Meyer’s CRD report discloses that he was fired by WRP Investments for failing to report outside business activities and selling away for a company called K&M Oil (which operated out of the 9 Crystal Lake Road office in Lake in the Hills). Meyer also solicited investments in Strategic Lending Solutions Fund, Inc., another entity operated out of the office located at 9 Crystal Lake Road. A number of outside business activities are disclosed on his CRD Report, including JB Meyer Enterprises, which was purported to be engaged in “business consulting”; Strociek Music, which was purported to sell music accessories, and Evolve Entertainment, which Meyer represented he “oversees” their financials. The Illinois Securities Department revoked Agent Meyer’s securities license in 2013, primarily for selling investments in unregistered securities. The Illinois Securities Department alleges that this conduct took place while Meyer was licensed with WRP Investments.
The FINRA claim Stolmann Law Offices filed centers around issues related to the recommendation by Meyer that his clients invested money in Strategic Lending Solutions Fund. According to its incorporation filing with the Illinois Secretary of State, SLS maintained an office located at 9 Crystal Lake Road, Suite 250, in Lake in the Hills. The sole managing member and President of SLS was Brian Knight, and it is believed that Meyer was a co-owner of this company. SLS was purported to be a purveyor of real estate loans secured by property with a very favorable loan-to-value ratio. Meyer represented the investment in SLS as safe and conservative.
Meyer recommended some of his clients invest IRA money into SLS. He represented to clients that the investment was short-term and that the 10% return was guaranteed. After one year, they could either roll the investment into SLS “stock options” or get their principal investment back plus 10%. Meyer represented that he invested his money and his grandmother’s money in SLS.
Our FINRA statement of claim alleges unsuitable investment recommendations, fraud, misrepresentations and omissions, failure to supervise and claims centered around selling away allegations. The claim seeks damages of investment losses, attorney fees and interest. To receive a free review by an attorney as to whether investment losses in Strategic Lending Solutions Fund or other related investments recommended by Jeff Meyer can be recovered on a contingency fee basis, please call our Chicago based investment fraud law firm at 312.332.4200.
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