The Financial Industry Regulatory Authority (FINRA) recently filed a complaint against Craig Gary Langweiler (Langweiler) in connection with allegations Langweiler excessively traded and executed unauthorized transactions in a customer’s account. If FINRA’s allegations are true and proved, then Langweiler may be liable to the investor for investment damages or disciplined by FINRA, or both.
Langweiler (FINRA CRD No. 841897) entered the securities industry in 1977. Over the course of his 40-year career, Langweiler worked for several firms. From 2011 until 2017, and during the relevant time period, Langweiler was employed by Windsor Street Capital, LP (formerly known as Meyer Associates). Langweiler’s FINRA BrokerCheck report has 40 negative disclosures, and he is no longer associated with any FINRA member.
FINRA’s Department of Enforcement investigated Langweiler and alleged he excessively traded a customer’s account without the customer’s consent or authorization for the trades. According to FINRA, Langweiler executed 257 trades, which resulted in an annualized turnover of 28.85 and an annualized cost-to-equity ratio of 60.5%, thereby causing the customer’s account to diminish in value by more than 25%. On the other hand, Langweiler generated approximately $27,000 in commissions.
Based upon the alleged misconduct, FINRA alleged Langweiler violated FINRA Rules 2010 and 2111, as well as NASD Rule 2510(b). According to the FINRA rules, FINRA Rule 2010 requires members and associated persons, in the conduct of their business, to “observe high standards of commercial honor and just and equitable principles of trade.” Here, Langweiler’s allegedly excessive and unauthorized trades would be a violation of FINRA Rule 2010.
Lufrano Law, LLC is a national investment litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. Please contact us at (800) 627-2179 for more information if you have been the victim of investment negligence or fraud.