During the Great Depression he purchased a controlling stake in the Good Humor ice cream company.
After attending public schools in New York, he became a theater ticket seller on Wall Street.
Meehan used the strategy of 'matched orders' which had him manipulating the volume of the stock by frequently buying and selling the issue.
After Meehan completed his manipulation and sold the stock, the shares fell to their original price.
The commission expelled Meehan from his seats on the NYSE, and also on the Curb Exchange and Chicago Board of Trade.