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Read MoreMatt Gates: $500K Complaint Against Fired Joseph Gunnar Advisor
New York City financial advisor Matt Gates (CRD# 4727945) has received investor complaints alleging his recommendations resulted in six-figure damages. Financial Industry Regulatory Authority records show that the VCS Venture Securities broker was fired from one of his former employers, Joseph Gunnar & Company, in relation to alleged company policy violations.
Mr. Gates’ BrokerCheck report discloses multiple investor complaints. The most recent, filed in May 2022, alleges that he recommended unsuitable investments and made excessive trades while a representative of Joseph Gunnar & Company. The pending complaint alleges damages of $500,000.
A second investor complaint, filed in 2021, similarly alleges that he recommended unsuitable investments as a Joseph Gunnar & Company representative. The pending complaint concerns real estate securities and alleges unspecified damages.
A third complaint, also filed in 2021, alleges that Mr. Gates recommended an unsuitable investment in real estate securities. The pending complaint alleges damages of $166,000.
A fourth complaint, filed in 2019, alleged that Mr. Gunn misrepresented the liquidity of a private placement investment. The complaint reached a settlement of $30,000. In a statement on the disclosure, Mr. Gunn wrote that he “denies all allegations.”
A fifth complaint, filed in 2013, alleged that Mr. Gates was negligent, breached his fiduciary duty, and made negligent misrepresentations. In 2014 the complaint reached a settlement of $40,000.
In 2020 Joseph Gunnar & Company fired Mr. Gates, according to a disclosure on his BrokerCheck report. The disclosure states further that his termination related to allegations he “removed confidential client information in violation of company policy and SEC regulations.” In a comment on the disclosure, Mr. Gates wrote that he “adamantly denies the allegations” and would be seeking litigation against the firm “for damages regarding these claims.”
According to the Financial Industry Regulatory Authority, Matt Gates holds 18 years of securities industry experience. Based in New York City, he has been a broker with VCS Venture Securities since 2021. His past registrations include Worden Capital Management (2020-2021), Joseph Gunnar & Company (2009-2020), Laidlaw & Company (2004-2009), and Sands Brothers & Co. (2004). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Uniform Combined State Law Examination, or Series 66; and the Securities Industry Essentials Examination, or SIE. He holds 24 state licenses. (Information current as of June 28, 2022.)
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