Oakes & Fosher is presently investigating the possible misconduct of securities broker Michael Mathias. According to his publicly available FINRA BrokerCheck report, Michael Mathias has been the subject of numerous customer disputes over the course of his career.
Michael Mathias is presently operating as a New York based securities broker. He has worked in the securities industry for thirty-four years. During his career, he has been registered with six different securities firms.
His Registrations
- Stein Abbott and Company (1985-1986)
- Reliastar Financial Marketing Corp. (1985-1986)
- Gerald S. Berger, Inc. (1986-2000)
- National Planning Corporation (2000-2004)
- WRP Investments, Inc. (2005)
- Summit Brokerage Services (2005-Present)
The Allegations
- In April 1992, a customer alleged that Michael Mathias recommended unsuitable investments. This case went to arbitration where the customer was awarded $153,000 in damages.
- In November 1994, another customer alleged that Michael Mathias recommended unsuitable investments. This case was settled for $160,000 in damages.
- In March 1997, a customer alleged that Michael Mathias recommended they purchase shares in unsuitable limited partnerships. This case was settled for $70,000 in damages.
- In February 2003, a customer alleged that they experienced losses due to the bad advice given to them by Michael Mathias. The customer also alleged that the multiple Variable Annuity sales that Mathias had recommended were completely unnecessary. This case went to arbitration where the customer was awarded $87,785 in damages.
- In July 2003, a customer alleged that Michael Mathias failed to monitor their investments. They also alleged Mathias recommended a product that was unsuitable based on their previously stated investment objectives and risk exposure. This case was settled for $65,000 in damages.
- In August 2017, another customer alleged that Michael Mathias recommended unsuitable securities. This case was settled for $130,000 in damages.
Unsuitable Investment Recommendations
The most popular allegation levied against Michael Mathias was that he recommended securities to customers that were not suitable for them. Securities brokers have a duty to their customers to only recommend investments that are suitable for them. Often times, brokers will recommend products to customers when they are fully aware that the product is not suitable for them. This is usually done in an attempt to boost their commissions, or due to another conflict of interest.
Securities brokers cannot excuse any unsuitability by claiming they were unaware of a product’s unsuitable nature. This is because part of a securities broker’s job is to conduct the necessary due diligence that is required to determine what investments are suitable for what customers. They can determine suitability through factors such as investment objectives, risk tolerance, and financial situation.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker misconduct. 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 Michael Mathias, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles our cases on a contingency basis, which means there are no fees charged unless we collect for you.
