The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Matthew Gerst. According to his publicly available FINRA BrokerCheck report, Matthew Gerst has been the subject of multiple customer disputes over the course of his career.
Matthew Gerst is an Arizona based securities broker. He has worked in the securities industry for twenty-five years. During his career, he has been registered with four different securities firms.
His Registrations
- Columbus Financial (1994-1995)
- Prudential Securities Incorporated (1995-2002)
- Merrill Lynch (2002-2012)
- Wells Fargo Clearing Services (2012-Present)
The Allegations
- In April 2009, a customer complained due the illiquidity of his auction rate security recommended to him by Matthew Gerst. This case was settled for $50,000 in damages.
- In October 2016, a customer alleged that Matthew Gerst over-concentrated her portfolio with unsuitable investments. This case was settled for $50,000 in damages.
Unsuitability
Securities brokers have a duty to their customers to always act in their best financial interests. This is their duty as a fiduciary. This means that brokers can only recommend investments that their customers are actually suited for. Brokers like Matthew Gerst can determine if a particular investment is suitable for their customer by looking at various different factors provided to them by the customer. This includes the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these needs have either done so in a fraudulent manner, placing their own financial interests ahead of their customer’s, or in a negligent one. Regardless if the broker’s intent was fraudulent or negligent, managing a customer’s account unsuitably disqualifies them from the ability to perform their duties in the required manner.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Matthew Gerst, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
