The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Matt Neas. According to his publicly available FINRA BrokerCheck report, Matt Neas has been the subject of multiple customer disputes.
Matt Neas was a Florida based securities broker. He worked in the securities industry for nineteen years. During his career, he was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.
- Morgan Stanley (1997-2001)
- UBS Financial Services (2001-2005)
- Merrill Lynch (2005-2008)
- Next Financial Group (2008-2011)
- Newbridge Securities Corporation (2011-2017)
- In October 2006, a customer alleged that Matt Neas recommended inappropriate investments, executed unauthorized trades, and made material misrepresentations. This case was settled for $140,000 in damages.
- In May 2008, a customer alleged that Matt Neas engaged in unauthorized trading. This case was settled for $165,000 in damages.
- In July 2008, customers alleged that Matt Neas engaged in discretionary trading in their non-discretionary account. This case was settled for $300,000 in damages. Matt Neas was terminated from his position at Merrill Lynch following these allegations.
- In September 2008, a customer alleged that Matt Neas executed unauthorized options trades. This case was settled for $128,000 in damages.
- In November 2008, a customer alleged that Matt Neas made material misrepresentations and recommended unsuitable investments. This case was settled for $80,000 in damages.
- In April 2011, a customer alleged that Matt Neas made unsuitable investment recommendations, made material misrepresentations and omissions of material facts, engaged in unauthorized trading, and engaged in excessive trading. This case was settled for $75,000 in damages.
- In February 2018, a customer alleged that Matt Neas made unsuitable investment recommendations and charged them excessive commissions. This case was settled for $925,000 in damages.
- Also in February 2018, a customer alleged that their account was invested in unsuitably risky ETFs. The customer also alleged that Matt Neas handled their account negligently and breached his fiduciary duty. This case was settled for $77,500 in damages.
- In June 2019, a customer alleged that Matt Neas handled their account negligently and breached his fiduciary duty. This case is presently pending. The customer is seeking $100,000 in damages.
What Does This Mean?
Securities brokers like Matt Neas receive compensation for their services in two major ways. The first is by charging their customers a flat fee that is determined by the value of the account they are managing on their behalf. The second is by charging the investor a percentage of the principal investment every time they execute a transaction on their behalf. This percentage is then their commission for brokering the trade. This second method of compensation can very easily lead to customers being taken advantage of. These commissions are supposed to be fair and balanced; however, many brokers will often engage in unscrupulous trading patterns with the express intent of increasing their own commissions. This might include trading a customer’s account excessively, or choosing highly unsuitable securities solely because they provide higher commissions to the selling broker. When investors are forced to pay such outrageous commissions, it can seriously weaken their principal investments and prevent them from seeing desired returns. These acts fully portray brokers who place their own financial interests ahead of their customer’s.
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 Matt Neas, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.