Misconduct Alleged Against Next Financial Broker Michael Matthews

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:

Arbitration Panel Orders Michael Matthews To Pay Customer For Unsuitability, Misrepresentation

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.

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