Next Financial Group, Inc. (CRD#: 46214, Houston, Texas) is a FINRA and SEC regulated brokerage firm and investment advisory. Regulators have taken disciplinary action against Next Financial Group, Inc. on at least 20 occasions, according to FINRA BrokerCheck. Not only that, but the firm was found liable on multiple customer disputes – FINRA Arbitrators ordered Next Financial Group, Inc. to pay customers for its misconduct including the failure to supervise brokers who churned customers accounts, made misrepresentations, and placed customers in unsuitable investment and insurance products. In addition, the firm has reported allegations of its own brokers’ misconduct. For example, take a look at the disclosures of Michael Jay Matthews:
Michael Jay Matthews (CRD#: 1824422, Virginia Beach, Virginia) is an ex Next Financial Group general securities representative. According to the FINRA BrokerCheck Report for Michael Matthews, a customer complained about his sales practices. Apparently, the customer of Next Financial Group filed a Statement of Claim in FINRA Arbitration #17-00997 on April 19, 2017. According to the customer, Michael Matthews violated a fiduciary duty to the customer in recommending the customer replace a Pacific annuity with a Jackson National annuity. Secondly, Michael Matthews allegedly misrepresented the customer’s variable annuity investments, and omitted information about the penalties and risks of switching the annuities. Thirdly, the customer claimed that Michael Matthews was negligent in handling the customer’s funds and accounts. Fourthly, Next Financial Group supposedly failed to supervise Michael Matthews’ annuity transactions.
All things considered, the Arbitration Panel found Michael Matthews and Next Financial Group jointly liable. Therefore, the Panel ordered that they pay the customer $60,000 in compensatory damages. Evidently, Next Financial Group, Inc. disaffiliated with Michael Matthews on January 7, 2016. Currently, Michael Matthews is a general securities representative of Ameriprise Financial Services.
Experienced losses by investing with Next Financial Group broker Michael Matthews? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Our firm has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.
Robert Averwater (CRD 5614514) is a Memphis, Tennessee broker. FINRA fined him $10,000, suspended him from association with any member firm in all capacities for four months, and required him to complete 10 hours of continuing education, according to an AWC issued August 18, 2026.
Qi Yang (CRD 7439718) is a San Francisco, California broker. FINRA suspended him from association with any member firm in all capacities for six months and assessed a deferred fine of $5,000, according to an AWC issued August 10, 2026.
Thomas Jacobs (CRD 4139430) is a Bay City, Michigan broker. FINRA suspended him from association with any member firm in all capacities for two months and assessed a deferred fine of $2,500, according to an AWC issued August 3, 2026.
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