Business ProfileforCrypto Tax Services
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The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On January 20, 2023, the Texas State Securities Board filed a Disciplinary Order.
The Board alleged Mr. Myers breached his fiduciary duties including the duty to charge a reasonable fee, the duty to recommend investments that are suitable for clients, and to put the client’s interest ahead of his own personal interest. Mr. Myers clients were primarily elderly, novice investors with conservative risk tolerance and no previous investment experience.
Mr. Myers deployed a one-size-fits-all approach to investing instead of conducting a client-by-client suitability analysis to determine which investments would be suitable for each client. Mr. Myers invested his client’s 100% in Sprott Physical Silver Trust (PSLV) as the sole investment.
PSLV is an exchange traded fund that invests in the commodity markets. Specifically, PSLV (99.8%) invests in physical silver bullion in London Good Delivery bar form. Since its inception, PSLV has experienced high volatility. Mr. Myers continued to collect a 1.5% fee of all assets under management from clients despite significant losses. Furthermore, Mr. Myers never updated Form ADV Part 2 or their website to reflect that he was exclusively investing in PSLV.
Texas State Securities Board concluded Mr. Myers concentration of client accounts in PSLV exceeded the risk tolerance clients were willing to endure, collection of a 1.5% AUM fee at a time when he was not conducting any trading in client accounts, constituted an inequitable practice in rendering services as an investment adviser representative.
The Texas State Securities Board ordered Clifton Wayne Myers investment adviser representative registration be suspended for six (6) months. The Board additionally suspended Clifton Wayne Myers from soliciting new accounts on behalf of Clifton Myers Financial Advisory for a period of one (1) year.
At-a-glance
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Business Details
This is a multi-location business.
- Location of This Business
- 208 W Bagdad Ave, Round Rock, TX 78664
- BBB File Opened:
- 1/25/2023
- Years in Business:
- 20
- Business Started:
- 7/21/2004
- Business Incorporated:
- 7/21/2004
- Type of Entity:
- Corporation
- Business Management
- Mr. Clifton Myers, President
- Contact Information
Principal
- Mr. Clifton Myers, President
Customer Contact
- Mr. Clifton Myers, President
- Additional Contact Information
Fax Numbers
- (512) 218-8182Primary Fax
Website Addresses
- (512) 218-8182
Customer Complaints
0 Customer Complaints
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