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

Matthew Siliato was a New York-based securities broker. He worked in the securities industry for twelve years. During his career, he was registered with seven different securities firms. He is not currently working as a registered securities broker in any fashion.

His Registrations

  • Joseph Stevens & Company (2006-2007)
  • National Securities Corporation (2007-2009)
  • J.P. Turner & Company (2009)
  • National Securities Corporation (2010-2013)
  • Windsor Street Capital (2013-2017)
  • Spartan Capital Securities (2017-2018)
  • Wynston Hill Capital (2018-2019)

The Allegations

  • In April 2010, a customer alleged that Matthew Siliato made material misrepresentations. This case was settled for $5,931 in damages.
  • In April 2014, a customer alleged Matthew Siliato failed to follow instructions. This case was settled for $14,999 in damages.
  • In December 2015, a customer alleged that Matthew Siliato recommended unsuitable investments. This case was settled for $72,000 in damages.
  • In June 2016, another customer alleged that Matthew Siliato recommended unsuitable investments. This case was settled for $14,999 in damages.
  • In April 2017, a customer alleged that Matthew Siliato churned their account, engaged in excessive margin use, recommended unsuitable investments, and executed unauthorized trades. This case is currently pending. The customer is seeking $383,000 in damages.

What Does This Mean?

Securities brokers have an obligation to their customers to only recommend investments they (the customers) would be financially suited for. Brokers can determine suitability by analyzing pertinent financial information provided to them by their customers. This includes the customer’s age, risk tolerance, liquidity needs, financial situation, and investment objectives. All of these factors determine whether or not a customer stands a strong chance of being successful in a certain investment. Brokers who invest their customers contrary to these factors lack the ability to perform their duties to the necessary standard required for their position as a securities broker.

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 Siliato, 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.