Securities Lawyers Blog
The securities lawyers of Gana Weinstein LLP are investigating customer complaints filed with The Financial Industry Regulatory Authority’s (FINRA) against broker Marat (a/k/a Matt) Zeltser (Zeltser). According to BrokerCheck records there are at least one customer complaint, one regulatory, one investigation, and one employment separation that have been filed against Zeltser. The customer complaints against Zeltser alleges a number of securities law violations including that the broker invested money in triple leveraged ETFs over long periods of time among other claims. The claim is currently pending.
FINRA terminated Zeltser after the broker failed to respond to a letter request for information in August 2015. Prior to that time, in January 2015, FINRA opened an investigation into Zeltser alleging potential willful violations of securities fraud laws and FINRA rules. Prior to that, Zeltser was discharged from Pointe Capital, Inc. for violating the firm’s advertising policy and the use of unapproved communications.
Brokers have a responsibility treat investors fairly which includes obligations such as making only suitable investments for the client. In order to make a suitable recommendation the broker must meet certain requirements. First, there must be reasonable basis for the recommendation the product or security based upon the broker’s investigation and due diligence into the investment’s properties including its benefits, risks, tax consequences, and other relevant factors. Second, the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.