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Matthew Shapiro: $422K Complaint Against Woodbury Financial Advisor
Platform Technology Partners advisor Matthew Shapiro (CRD# 5561680) recently received an investor complaint alleging his advice resulted in six-figure losses. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former Sanford C. Bernstein & Company broker is currently based as an investment advisor in Woodbury, New York.
Mr. Shapiro’s BrokerCheck report discloses one investor complaint against him. Filed in February 2022, it alleges that as a representative of Sanford C. Bernstein & Company, he recommended unsuitable alternative investments. The pending complaint alleges damages of $422,000.
For reference, FINRA rules stipulate that brokers-dealers and their representatives, like Matthew Shapiro, must abide by the suitability standard. This standard, outlined by FINRA Rule 2111, states that they may only recommend investments and/or investment strategies that are appropriate for their customers’ individual investment profiles. An investor’s profile is determined through reasonable diligence into a variety of factors, including their investment goals, investment experience, age, net worth, income, and risk tolerance. More information regarding the suitability standard is available here.
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Matthew Shapiro holds 12 years of securities industry experience. Based in Woodbury, New York, he has been an investment advisor with Platform Technology Partners since April 2020. He is not currently registered as a broker, though he was registered as such with Sanford C. Bernstein & Company in New York, New York from 2008 until 2019. His credentials include the passage of five securities industry qualifying examinations: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed as an investment advisor in New Jersey and New York. (Information current as of August 5, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.