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Investors Allege Matthew Platnico Recommended Unsuitable Investment Strategies

Mar 6, 2023 Unsuitable Investments

Matthew Platnico (CRD #: 2102086), a broker registered with Allied Millennial Partners, allegedly made unsuitable strategy recommendations, according to his BrokerCheck record, accessed on February 22, 2023. Investors may have also engaged his services through Millennial Advisers. Read on if you have questions about his alleged conduct as a broker.

Investor Disputes

In disputes filed on December 28, 2022, and March 20, 2021, investors alleged that Matthew Platnico recommended unsuitable investment strategies. The investors seek a total of $702,000 in damages in these pending disputes.

On July 15, 2020, an investor alleged that Matthew Platnico engaged in unauthorized and unsuitable options trading. The client sought $1,460,000 in damages and received a settlement of $182,500.

On February 22, 2019, an investor filed a dispute alleging Matthew Platnico failed to contact them before closing out a short position on December 24, 2018. This dispute was settled for $95,690.

In a dispute filed on February 19, 2019, an investor alleged that Matthew Platnico misrepresented an unsuitable investment strategy executed in the client’s account from April 1 to December 31, 2018. The client sought $190,463.42 in damages and received a settlement of $50,000. You can read the full arbitration award here.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must use the information in an investor’s profile, such as their age, risk tolerance, and tax status when making recommendations.

Investors who rely on brokers for recommendations may be able to recover their losses by seeking out FINRA arbitration.

FINRA Rule 3260

FINRA Rule 3260 prohibits brokers from conducting discretionary trading outside discretionary accounts, pre-approved for discretionary trading by the firm and the client.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulative or deceptive tactics, like the misrepresentation or omission of material facts, as they relate to the purchase and sale of securities.

Background Information

Matthew Platnico has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 3 – National Commodity Futures Examination
  • Series 7 – General Securities Representative Examination
  • Series 10 – General Securities Sales Supervisor – General Module Examination
  • Series 9 – General Securities Sales Supervisor – Options Module Examination

Matthew Platnico is a registered broker in seven states and a registered investment adviser in Missouri.

He has also worked for the following firms:

  • Arete Wealth Management (CRD#:44856)
  • Oppenheimer & Company (CRD#:249)
  • Advest (CRD#:10)
  • Wachovia Securities (CRD#:19616)
  • Prudential Securities (CRD#:7471)
  • Salomon Smith Barney (CRD#:7059)
  • Lehman Brothers (CRD#:7506)
  • Gruntal & Company (CRD#:372)
  • First Montauk Securities Corporation (CRD#:13755)

Kurta Law Can Help

If you worked with Matthew Platnico and you have concerns about your investments, please contact us today at 877-600-0098 or for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.