The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Matthew Eckstein. According to his publicly available FINRA BrokerCheck report, Matthew Eckstein has been the subject of multiple customer disputes.

Matthew Eckstein was a New York-based securities broker. He worked in the securities industry for twenty years. During his career, he was registered with just two different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Gould, Ambroson & Associates (1998-2015)
  • Sisk Investment Services (2015-2018)

The Allegations

  • In February 2018, a customer alleged that Matthew Eckstein recommended unsuitable investments, made material misrepresentations and omissions, managed their account negligently, breached his fiduciary duty, violated Florida securities statutes, committed common law fraud, and more. This case went to arbitration where the customer was awarded an undisclosed amount in damages. This award has yet to be paid.
  • In June 2018, a customer alleged that Matthew Eckstein recommended unsuitable investments, committed common law fraud, breached contract, breached his fiduciary duty, recommended unregistered securities, and over-concentrated their account. This case is currently pending. The customer is seeking $850,000 in damages.
  • Also in June 2018, customers alleged that Matthew Eckstein recommended unsuitable investments, breached contract, committed common law fraud, breached his fiduciary duty, violated the RICO act, and converted their funds. This case went to arbitration where the customer was awarded an undisclosed amount in damages.
  • In July 2018, customers alleged that Matthew Eckstein made material misrepresentations, breached his fiduciary duty, handled their account negligently, and breached their contract. This case is also currently pending. The customers are seeking $999,000 in damages.
  • In August 2018, a customer alleged that Matthew Eckstein recommended unsuitable investments, made material misrepresentations and omissions, breached his fiduciary duty, breached the duty of good faith and fair dealing, breached contract, committed fraud, churned their account, and more. This case went to arbitration where the customer was awarded an undisclosed amount in damages.

Where Did These Complaints Originate From?

The above-mentioned complaints against Matthew Eckstein were in connection with an investment scheme he had allegedly been complicit in that was run by a close friend of his. According to findings published by FINRA in April 2018, Matthew Eckstein sold over $1.3 million of undocumented investments to at least four investors. It was determined by FINRA that Matthew Eckstein had no reasonable basis to believe that these recommendations would be suitable for these customers. Eckstein allegedly chose investments for these conservative investors based on repayment terms, however failed to disclose that the issuing company completely lacked the ability to repay any invested funds. According to FINRA, Matthew Eckstein made material misrepresentations and omissions about these investments to these conservative investors when trying to solicit them. Eckstein allegedly made these recommendations due to the fact that he received over $100,000 from his friend, who was also the CEO of the issuing company. Due to these alleged actions, and more, he was forced to pay $961,781 in restitution, and barred from acting as a securities broker in any fashion. Matthew Eckstein is currently facing criminal charges of second-degree grand larceny, first-degree scheme to defraud, and fourth-degree conspiracy due to the above-mentioned allegations.

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 Eckstein, 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.