FINRA Investigates Broker Matthew Eckstein For Fraud
Matthew Evan Eckstein (CRD #2997245) was a registered broker with Sisk Investment Services, Inc. (CRD #19406) of Syossett, NY. He has been with Sisk since 2015. Eckstein was previously employed by Gould, Ambroson & Associates Ltd. (CRD #17412) of Garden City, NY. Our New York securities arbitration lawyers are representing investors in claims against Eckstein’s former employers.
Eckstein is currently the subject of a FINRA disciplinary complaint, filed on 04/27/2018. Multiple fraud allegations against Eckstein were filed by four of his customers. The facts of the case, based on FINRA records, include:
- Eckstein recommended and sold these securities to four of his clients, all of whom were over 50, and had conservative portfolios. One of them was unemployed, two were still employed, one of whom was retiring, and the other sold her home and invested some of the proceeds. The fourth was retired on disability after a car accident, and invested her case settlement with him.
- His employer of record, Sisk Investment Services, is actually Eckstein’s own FINRA-affiliated brokerage, and has been since September 16, 2015. He is the chief executive and chief compliance officer.
- Eckstein acquired these clients through his previous employer, Gould, Ambroson & Associates Ltd. He was suspended by FINRA for three months in late 2017 when the firm discovered that he failed to disclose his outside business dealings and “selling away,” selling securities that were not disclosed to or approved by Gould.
- Eckstein recommended to these four clients investments in a company owned by a close friend. He offered these investors only an oral recommendation from the owner, with no prospectus or other supporting documentation, and did no investigations on the company himself.
- All four gave Eckstein money without knowing that Eckstein also had access to the accounts, for both signature and withdrawal authority. Among the vague claims offered to these clients, these investments were “similar to a CD,” “fully guaranteed” and “approved by the banking industry.” Various interest and maturity claims were also made.
- Eckstein gave each of the clients access to the affiliate website so they could see their investments, but gave no paperwork for their transactions. Some interest payments were made to the clients, but stopped shortly after the initial payouts. When the clients began requesting the return their principal, Eckstein ceased communications with each of them.
- Eckstein also failed to preserve customer correspondence, including emails and texts, as well as other violations of FINRA rules and regulations.
One of the clients contacted FINRA on their Senior Helpline in May of 2017, starting the investigation. The current FINRA action is pending, and Eckstein has ignored multiple requests for information. FINRA has requested relief, including “disgorgement” of funds received for restitution, with interest.
Contact Our Firm if You’ve Invested with Matthew Eckstein
If you’ve invested money with Matthew Eckstein and would like to take a closer look at how your account was handled, call us. Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. Our attorneys have extensive experience prosecuting claims for violations of the Florida Investor Protection Act, F.S. 517.301, and we seek all damages as allowed by law. Most cases handled on a contingent fee basis. This means that you won’t pay legal fees unless we are successful. Call us toll free at 800-975-4345, or user our online contact form to get in touch.