The Wolper Law Firm is currently investigating claims against Matthew Morris (Matthew Alan Morris), a former Financial Advisor at SunTrust Investment Services in Hopewell, Virginia. Matthew Morris (Matthew Alan Morris) first entered the securities industry in the 1980s and previously worked for RBC Capital Markets, Ferris, Baker Watts and Morgan Stanley.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 10, 2018, FINRA suspended Matthew Morris (Matthew Alan Morris) for three months and fined him for the following alleged misconduct:
“Morris cut and pasted, or in some instances traced, the signatures of 16 customers of his member firm on over 70 forms used to record customer financial information and to authorize customer purchases of fixed and variable annuities. The findings stated that although the underlying transactions were all authorized, none of the customers were aware, nor authorized Morris to cut-and-paste or trace their signatures onto the forms in question.”
Annuities are complex hybrid products that carry both investment and insurance characteristics. Financial Advisors often recommend annuities because brokerage firms and issuers pay Financial Advisors substantial commissions and annual commission trails. Variable annuities are generally not suitable for investors unless they have an absolute need for life insurance that cannot be obtained elsewhere and, even then, the suitability of these products is questionable.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Matthew Morris (Matthew Alan Morris), 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.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyers who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. His industry insight, experience and knowledge gives his clients a competitive advantage.