St., is still listed as an active business, according to the Secretary of the State's office.
"After this confrontation, Myers stopped cherry picking and did relatively little trading in his own accounts," according to the SEC. When interviewed by the SEC in November 2011, Myers told staff that his day trading strategy was profitable 95 percent of the time, but he was unable to explain why he had such a stellar performance, according to the SEC. The likelihood of Myers experiencing his first day return compared to the average first day return for all of his and his clients' purchases from a "lucky" allocation of trades is less than one in 10 million, the SEC notes.
"The securities on which Myers was disproportionately making money were the same securities on which his clients were disproportionately Nike Soccer Boots Pictures
MiddleCove Capital, 65 Main Soccer Boots Pictures
However, in February 2011, the employee noticed that Myers had once again allocated a day trade profit to Soccer Shoes Galaxy himself, and he threatened to report Myers to the SEC.
When an employee at MiddleCove in December 2010 was alerted to the potentially inappropriate behavior through a computer program set up to detect favorable allocation of profitable day trades, he and three Nike Football Boots Magista Red
losing money," the cease and desist order reads.
This resulted in client losses of more than $2 million, while Myers made $460,000 for himself, according to the SEC. Many of the clients who lost money were retired or were using their MiddleCove account as their source of retirement funds and had asked for low risk investments.
others confronted Myers about his trade allocations, and Myers promised to stop.
Hugh F. Keefe, the New Haven attorney representing Myers, did not respond to an email request seeking comment sent Wednesday, or a request asking for Myers' response, which was supposed to be filed with the SEC within 20 days of the cease and desist order was sent out.
A public hearing before an administrative law judge will be held prior to Oct. 22. A decision on possible penalties and sanctions is expected within 10 months, according to the New London Day.
Myers is accused of unfairly allocating trades that had appreciated in value during the course of the day to his personal and business accounts, and allocating trades that had depreciated in value during the day to the accounts of his clients between October 2008 and February 2011.
Securities and Exchange Commission.
Noah L. Myers, 40, of Old Lyme, formed MiddleCove Capital in early 2008 after an 11 year career with Citigroup Global Markets, according to an SEC seize and desist order dated Aug. 22. At its peak in 2011, MiddleCove managed approximately $129 million in client assets, according to the SEC.
Owner of Essex firm accused of fraud documents
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