Ex-Cambridge Brokers Michael Stolberg & Matt Romeo: $500K Complaint

Former Cambridge Investment Research financial advisors Michael Stolberg (CRD# 5678544) and Matt Romeo (CRD# 4201945) recently received an investor complaint alleging that their advice resulted in six-figure losses. Financial Industry Regulatory Authority records show that Mr. Stolberg is currently registered with Private Client Services in Overland Park, Kansas, while Mr. Romeo is registered with Everhart Advisors in Dublin, Ohio.

Mr. Stolberg’s and Mr. Romeo’s BrokerCheck reports disclose a recent investor complaint against them. Filed in October 2023, it alleges that as representatives of Cambridge Investment Research, they misrepresented and recommended an unsuitable real estate investment. The pending complaint alleges damages of $500,000.

Mr. Romeo’s BrokerCheck report also discloses a Securities and Exchange Commission (SEC) sanction against him. Filed in 2016, it alleged that his investment advisory firm invested clients in mutual fund share classes with 12b-1 fees paid to its owners, including Mr. Romeo, when share classes were available that had no “meaningful difference” other than the lack of such fees. The SEC also alleged that the firm “had several compliance failures, including the lack of annual compliance reviews for several years, and also issued insufficient disclosures regarding the receipt of 12b-1 fees.” It censured Mr. Romeo, issued him a fine of $20,000, and ordered to him to pay more than $201,000 in disgorgement.

According to the Financial Industry Regulatory Authority, Michael Stolberg holds 14 years of securities industry experience. Based in Overland Park, Kansas, he has been a broker with Private Client Services since 2018 and an investment advisor with Prime Capital Investment Advisors since 2017. His registration history includes Cambridge Investment Research, Lawing Financial, and The ON Equity Sales Company, and he is licensed in Kansas, Missouri, and Texas.

According to the Securities and Exchange Commission, Matt Romeo holds 19 years of securities industry experience. Based in Dublin, Ohio, he has been an investment advisor with Everhart Advisors since 2005. His past registrations include MId-Atlantic Capital Corporation and Cambridge Investment Research, and he is licensed in Florida, Ohio, and Texas.  (Information current as of November 19, 2023.)

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