The Wolper Law Firm is currently investigating claims against Summit Brokerage Services Financial Advisor, Michael Mathias, based in Mt. Kisco, NY.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), as of June 2018, Michael Mathias has twenty (20) reported customer complaints on his BrokerCheck report. Statistically, it is exceedingly rare for a single Financial Advisor to have this many customer complaints and may be an indication of a systemic failure in Michael Mathias’ investment philosophy and a failure by Summit Brokerage Services to adequately supervise his sales practice activities.
One of the primary allegations of misconduct that has been consistent among the customer complaints filed against Michael Mathias is the recommendation of unsuitable or inappropriate investments based on the customer’s stated investment objectives and risk profile. A pending complaint, filed in August 2017, alleges damages of more than $433,000. Several of the past complaints involve alleged damages of more than $2 million.
Brokerage firms are required by regulation to supervise the Financial Advisors they employ. The failure of a brokerage firm to properly supervise its Financial Advisors imposes liability on the brokerage firm for investment losses caused by the Financial Advisor’s misconduct.
If you or someone you know was a customer of Michael Mathias at Summit Brokerage Services and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.