Business ProfileforCrypto Tax Services
Current Alerts For This Business
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
Related Categories
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
Need to file a complaint? BBB is here to help. We'll guide you through the process. How BBB Processes Complaints and Reviews
File a ComplaintBBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.