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Ex-Joseph Gunnar Rep Matt Gates Has Investment Complaints
VCS Investments broker Matt Gates (CRD# 4727945) has received investor complaints alleging he recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is located in New York, New York, and was recently terminated from his previous position at Joseph Gunnar & Company.
Mr. Gates’ FINRA BrokerCheck report discloses two investor complaints against him that concluded with settlement payments. The most recent complaint was filed in 2019, alleging that as a representative of Joseph Gunnar & Company, he misrepresented the liquidity of a private placement investment; it settled for $30,000. (In a “Broker Statement” on the disclosure, Mr. Gates denied the allegations and said the client was made aware of the risks of private placements.) An older complaint was filed in 2013, alleging that as a representative of the same firm, he breached his fiduciary duty to place the client’s interests above his own, acted negligently, and negligently misrepresented material facts concerning investments in over-the-counter and listed equities. The complaint settled in 2014 for $40,000.
FINRA records also disclose two pending investor complaints against Mr. Gates. Both were filed in 2021, and both allege that as a representative of Joseph Gunnar & Company, he offered unsuitable investment recommendations. For reference, complaints of unsuitability allege that a given product or strategy was not in line with the customer’s investment profile—their income, net worth, risk tolerance, and other considerations outlined by FINRA’s rules. One of the pending investor complaints alleges unspecified damages; the other alleges $166,000 in damages.
Per Mr. Gates’ BrokerCheck report, he was discharged from Joseph Gunnar & Company in 2020 after allegations he “confidential client information in violation of company policy and SEC regulations.” In a comment about the disclosure on his BrokerCheck report, he denied the firm’s allegations, adding that he would pursue litigation against the firm for damages regarding them. He said further: “Mr. Gates is confident he will be able to prove these allegations were nothing more than a viciously calculated attempt from Joseph Gunnar to retain his clients at the firm, by use of these false accusations to deter clients from following him to his new Firm.”
According to the Financial Industry Regulatory Authority, Matt Gates holds 18 years of securities industry experience and is a representative of VCS Investments’ New York City office. His previous registrations include Worden Capital Management (New York City; 2020-2021), Joseph Gunnar & Company (New York City; 2009-2020), Laidlaw & Company (New York City; 2004-2009), and Sands brothers & Co. (New York City, 2004). His credentials include the passage of four securities industry examinations: the Uniform Combined State Law Examination, or Series 66; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He holds 24 state licenses. (Information current as of March 23, 2022.)
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