Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Matthew Childs (Childs), previously associated with Portsmouth Financial Services, has at least one disclosable event. These events include one regulatory event, alleging that Childs recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on August 13, 2024.
Without admitting or denying the findings, Childs consented to the sanctions and to the entry of findings that he recommended that retail customers purchase non-traditional exchange-traded products (NT-ETPs) without having a sufficient understanding of the risks and features associated with the products, thereby failing to have a reasonable basis to make those recommendations. The findings stated that at Childs’ recommendation, nine retail customers in 10 accounts purchased daily reset NT-ETP positions and held them for periods ranging from eight to 1,034 days. These customers incurred $31,667.02 in total net realized losses.
