Customers File Complaints Against Meyers Associates Broker Matthew Silato

shutterstock_27597505The securities lawyers of Gana Weinstein LLP are investigating customer complaints filed with The Financial Industry Regulatory Authority’s (FINRA) against broker Matthew Silato (Silato).  According to BrokerCheck records there are at least six customer complaints, two financial disclosures, and one criminal matter involving Silato.  The most recent customer complaints against Silato allege a number of securities law violations including breach of fiduciary duty and suitability among other claims.  The most recent claim alleging $250,627 filed in June 2016 is currently pending.  In December 2015, a customer filed a complaint alleging unsuitable investments and claiming $522,941 in damages.  That case is currently pending.

Brokers have a responsibility treat investors fairly which includes obligations such as making only suitable investments for the client.  In order to make a suitable recommendation the broker must meet certain requirements.  First, there must be reasonable basis for the recommendation the product or security based upon the broker’s investigation and due diligence into the investment’s properties including its benefits, risks, tax consequences, and other relevant factors.  Second, the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.

The number of customer complaints against Silato is high relative to his peers.  According to InvestmentNews, only about 12% of financial advisors have any type of disclosure event on their records.  Brokers must publicly disclose certain types of reportable events on their CRD including but not limited to customer complaints.  In addition to disclosing client disputes brokers must divulge IRS tax liens, judgments, and criminal matters.  However, FINRA’s records are not always complete according to a Wall Street Journal story that checked with 26 state regulators and found that at least 38,400 brokers had regulatory or financial red flags such as a personal bankruptcy that showed up in state records but not on BrokerCheck.  More disturbing is the fact that 19,000 out of those 38,400 brokers had spotless BrokerCheck records.

Silato entered the securities industry in 2007.  From March 2009 until Decmeber 2009 Silato was associated with J.P. Turner & Company, L.L.C.  From January 2010 until February 2013, Silato was associated with National Securities Corporation.  Finally, since March 2013, Silato has been associated with Meyers Associates, L.P out of the firm’s New York, New York office location.

The investment fraud attorneys at Gana Weinstein LLP represent investors who have suffered securities losses due to the mishandling of their accounts.  The majority of these claims may be brought in securities arbitration before FINRA.  Our consultations are free of charge and the firm is only compensated if you recover.

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