According to FINRA public records, former broker Matt Scott Neas has ten disclosed customer disputes. FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates brokers and brokerage firms.
Customers filed the disputes against Neas between March 2004 and February 2018. Six disputes have settled for amounts ranging $75,000 to $300,000. One dispute was closed with no action, one dispute was withdrawn, and two disputes are pending. The pending disputes request damage amounts of $160,000 and $700,000.
Allegations against Neas include unauthorized trades, unsuitable investment recommendations, and misrepresentations. Brokers must recommend only suitable investment products and strategies to their customers. Suitability is based on factors such as a customer’s age, investment objective, risk tolerance, investment experience, and financial status and needs. Additionally, brokers must obtain a customer’s permission before exercising discretion to place trades in their accounts. Failure to do so is a violation called unauthorized trading.
Neas was discharged from Merrill Lynch, Pierce, Fenner, & Smith, Incorporated in July 2008. Public records state that Neas “exercised discression in client accounts without written authorization.” Neas began working at Merrill Lynch in November 2005.
After working at Merrill Lynch, Neas worked at Next Financial Group, Inc. from September 2008 to February 2011. He joined Newbridge Securities Corporation in February 2011 where he worked until March 2017.
Additionally, FINRA suspended Neas in October 2017, and barred him from acting as a broker in January 2018.
If you believe Matt Scott Neas may have caused you investment losses, call Marquardt Law Office LLC at (312) 945-6065 for a free phone consultation.
Marquardt Law Office LLC is a securities law firm in Chicago, IL that represents investors nationwide who have suffered losses due to misconduct such as fraud and negligence.
Information regarding Matt Scott Neas was obtained from FINRA BrokerCheck records accessed on August 7, 2018.