E. Matthew Steinberg Under Investigation: Here’s What You Need to Know
Renowned Stockbroker E. Matthew Steinberg, currently employed by the notable Oppenheimer & Co., is currently under intense scrutiny. He has recently become embroiled in a significant customer controversy, which claims that he lost a considerable sum in investments reaching a startling figure of $2.5 million. Does this mean you’ve lost your money with E. Matthew Steinberg as your stockbroker? Let’s break the details down for you.
A Closer Look at E. Matthew Steinberg’s Profile
An experienced figure in the financial realm, E. Matthew Steinberg operates out of Jenkintown, PA. He is no stranger to the industry, having previously been linked to the known firm Dean Witter Reynolds. Having CRD 2430032, Steinberg finds himself donned with several essential responsibilities tied to the world of stocks and bonds.
With no known aliases, Steinberg’s function primarily revolves around being a stockbroker and financial advisor. His record shows that he is allowed to be sued in FINRA arbitration, yet as of December 2023, he holds no sanctions from FINRA.
Recently, a customer from Oppenheimer & Co filed a FINRA arbitration. This filing alleges that E. Matthew Steinberg committed various fraudulent acts, violations, and breaches in his duties. Among these allegations are securities fraud, breach of fiduciary duty, misused margin borrowing, and violations of FINRA rules. It’s worth noting that these accusations are linked with investments in municipal bonds and two private equity investments. Damages of $2.5 million are sought in this pending lawsuit.
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What is FINRA and What Does It Mean?
The Financial Industry Regulatory Authority, or FINRA, is the organization responsible for licensing and regulating stockbrokers and brokerage firms. It mandates brokers and firms to report any customer complaints, disputes, and even regulatory sanctions. In addition to this, financial matters such as personal bankruptcies, judgments, and liens must be disclosed by brokers.
Oppenheimer & Co’s Duty to Supervise
As per FINRA Rules 3110 & 2090, Brokerage firms have a specific obligation to monitor their financial advisors’ actions. This means that if the allegations against Steinberg are proven valid, Oppenheimer & Co also could be held accountable.
Where To Go From Here?
If you, like the aforementioned customer, have discovered investment losses in an account handled by E. Matthew Steinberg, it is crucial to take immediate action. Consult with an experienced securities lawyer to explore your possibilities of recovering damages through FINRA arbitration.
Remember, your hard-earned finances shouldn’t go down the drain due to someone else’s negligent or fraudulent acts. Consider this a call to action. Secure your investments and stand firm in protecting your financial future.