Matthew D. Webster
Silver Law Group is investigating Former Syracuse, New York-based Wells Fargo broker Matthew Webster following a customer complaint alleging unauthorized investment activity and unsuitable investment recommendations.
According to FINRA’s BrokerCheck report on Webster, a complaint was received in October of 2016 alleging that Webster executed unauthorized trades and provided unsuitable investment recommendations during his time at Wells Fargo Advisors. This complaint was later settled in FINRA arbitration for $575,000.
Later in 2017 Webster was bared permanently by FINRA after he failed to respond to an official request for information
Thompson was employed by Wells Fargo Advisors at their Syracuse, NY location. He was previously registered with Cadaret, Grant & Co based out of East Syracuse, NY.
Unsuitable Recommendations and unauthorized trading are both serious forms of potential broker misconduct. A broker’s employing firm is responsible for overseeing the broker to prevent such misconduct. Failure to supervise is a claim made against a brokerage firm in these situations.
Unauthorized trading occurs when a broker facilitates a transaction without the permission of the customer in a non-discretionary account. According to FINRA, it is one of the common investor issues along with misrepresentation, cold-calling, and unsuitability.
Often, unauthorized trading is accompanied by churning. Churning occurs when the account frequently trades for no apparent reason but to generate fees and commissions.
Also, among other investment 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 factors.
When a broker or brokerage firm fails to recommend investments to its customers along those guidelines, there must 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.
FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unsuitable investment recommendation or unauthorized trading. The Silver Law Group works on a contingency fee basis, meaning you pay us nothing unless we recover money for you.
If you invested with Matthew Webster and Wells Fargo and have lost money doing so, you may be able to recover some or all of your losses. We are experienced in recovering investor losses due to broker/brokerage firm misconduct and mismanagement through FINRA arbitration.
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 email@example.com or toll-free at (800) 975-4345.
Scott Silver is SUNY Albany graduate and a frequent lecturer at Albany Law School’s securities arbitration class.