Investors File Lawsuits Over Suitability Of Matthew Siliato’s Securities Transactions
The investment loss recovery team at Soreide Law Group brings you this investor update in regard to securities broker Matthew Angelo Siliato (CRD#: 5062153, Bronx, New York). Notably, of major concern to investors should be the 14 disclosures on Siliato’s record which involve adverse information about him. Notably, Siliato’s BrokerCheck record indicates that eight or more investors filed disputes about him and that FINRA sanctioned him. Here’s what these disputes allege about the broker.
Spartan Capital Securities Client Indicates Unsuitability, Negligence In Dispute About Matthew Siliato
Evidently, a client of Spartan Capital Securities brought a lawsuit about Matthew Siliato in June 2020. First of all, Siliato supposedly sold unsuitable stocks. Secondly, the client alleged that the broker breached a fiduciary duty. It is possible that Siliato placed his interests ahead of the client’s interests in the stock transactions. The allegations in this dispute also include breach of contract and negligence. This could mean that the broker did not adhere to the terms of an investment agreement. It appears that the client sustained damages of some sort between 2017 and 2018 and now seeks $150,000 to settle this matter.
FINRA Suspends Siliato Twice In 2019
The financial industry watchdog indicated that Matthew Siliato did not compensate Spartan Capital Securities or Windsor Street Capital – his past employers. Notably, the broker is still under FINRA suspension for his failure to comply.
Client Of Meyers Associates Brings Dispute Alleging Churning Of Investments By Matthew Siliato
Also, a client of Meyers Associates contested Matthew Siliato’s sales practices in an April 2017 lawsuit. Notably, the client alleged that Siliato churned the client’s account. It appears that the broker supposedly traded equities in the client’s account too frequently. Not only that, but the client alleges that the broker made unsuitable trades including margin-based transactions. Further, Siliato supposedly made unauthorized transactions. For this reason, the client demanded $383,000. Evidently, this matter awaits a resolution.
Past Disputes About Siliato Allege Suitability, Misrepresentation
FINRA BrokerCheck shows that clients who brought disputes from 2015 to 2016 allege that Matthew Siliato sold unsuitable investments. These disputes were settled through payments to clients. Moreover, a dispute from 2010 alleges misrepresentation by the broker. That matter also settled through a payment to the client. Other disputes contain allegations against Siliato of poor advice, excessive commission, and failure to follow instructions.
Losses From Matthew Siliato?
Apparently, Matthew Siliato denies allegations made against him. Have you experienced losses by investing through him? If you have, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced investment loss recovery counsel to see if there is anything that you can do about it. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who lost money because of their advisors or brokers.