Matthew E. Eckstein – Accused of Million dollar Ponzi Scheme
Have you suffered losses investing with Matthew Eckstein? If so, the securities attorneys at The White Law Group may be able to help you to recover your losses by filing a FINRA Arbitration claim against his employer.
According to Nassau’s district attorney, financial advisor Matthew E. Eckstein, 48, allegedly stole millions of dollars from senior citizens on Long Island with an alleged Ponzi scheme.
Investigators say Eckstein, of Syosset, NY, took advantage of the elderly and squandered their money. Many of the victims reportedly gave him their retirement savings believing they would be invested in low-risk places.
Eckstein reportedly encouraged most of his clients to invest thousands of dollars in an insurance company known as Conmac Funding, allegedly claiming that after two years they would get their money back plus an additional 4 percent in interest, according to court records.
Instead of investing the money into Conmac Funding, prosecutors said Eckstein purportedly used it to pay for personal expenses, and pay other victims of the scheme.
Prosecutors say he convinced one of his 14 victims to invest $385,000 by assuring her there was no risk and that her principle would be returned within two years.
According to investigators, when that victim started calling Eckstein asking where her money was, he allegedly stopped returning her phone calls. That is when she reportedly called the police.
According to his FINRA Broker Check report, Eckstein has been registered with SISK Investment Services in Syosset, NY since 2015. Prior to that he worked for Gould, Ambroson & Associates in Garden City, New York for 17 years.
Eckstein was reportedly suspended in August 2017 for failure to provide testimony in FINRA’s investigation. He has one pending customer dispute alleging claims for “for unsuitability, misrepresentation, negligence, breach of fiduciary duty and violation of Florida securities and consumer protection statutes.” The damage amount requested is $252,500.
Failure to Supervise
The White Law Group is investigating the liability Matthew Eckstein’s employers may have for failure to properly supervise him.
Brokerage firms have a responsibility to monitor their brokers and ensure that investments recommendations are in the clients’ best interest. When brokers break laws or violate FINRA Rules, the firm they work for can be held liable for failure to supervise and responsible for investment losses.
If you suffered investment losses with Matthew Eckstein the securities attorneys at The White Law Group may be able to help you. For a free consultation, please call the firm’s offices at 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to the representation of investors in FINRA arbitration claims against brokerage firms throughout the United States.
To learn more about The White Law Group, visit www.WhiteSecuritiesLaw.com.