Meyers Associates Matthew Siliato Unsuitable Recommendations

Silver Law Group is investigating Meyers Associates broker Matthew A. Siliato (CRD# 5062153) for recent allegations that he recommended clients unsuitable investments.

Siliato’s Financial Industry Regulatory Authority (“FINRA”) BrokerCheck report indicates that the broker has nine misconduct disclosures.

Siliato’s most recent complaint was filed on June 23, 2016. The customer dispute alleges unsuitable recommendations and damages in the amount of $250,000. The complaint is currently pending.

Siliato’s FINRA BrokerCheck report indicates a mixed bag of disclosures. In 2008, Siliato was charged with numerous felonies. These included assault with bodily injury, possession of weapon, and sale of documents and forms. Between 2010 and 2014, two customer complaints against him were settled. Finally, in 2015, a $40,000 judgment or lien was levied against him.

Siliato has been in the securities industry for nine years, entering in 2007. He jumped around five firms in the process, including J.P. Turner & Company, LLC, a firm notorious for its numerous misconduct disclosures. Siliato has been at the New York, New York Meyers Associates branch since March 2013.

Among other basic tenets, brokers are required to recommend suitable investments to their customers. This requires that the broker: Investigates and conducts due diligence into the investment’s attributes including its benefits, risks, tax consequences, and other relevant factors to form a reasonable basis for the recommendation of the product; and appropriately matches the investment with the customer’s specific investment needs and objectives, such as the customer’s retirement status, long or short-term goals, age, disability, income needs, or any other relevant factor.

When a broker or brokerage firm fails to recommend investments to its customers along those guidelines, there has to be accountability. If you have lost money on an investment that did not fit your investment profile, you may be able to recover some or all of your lost money.

Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.