Matthew Steinberg is Facing Allegations of Fraud, Breach of Contract

Matthew Steinberg (CRD #: 2430032), a broker registered with Oppenheimer & Co. in Jenkintown, Pennsylvania, is the subject of a multi-million dollar investor dispute. This disclosure appears on his BrokerCheck record, accessed on December 19, 2023. Keep reading if you have questions about his alleged conduct as a broker. 

On November 15, 2023, an investor made the following allegations of misconduct in a dispute involving Matthew Steinberg: 

• Failure to supervise 
• Breach of fiduciary duty 
• Breach of contract
• Fraud 

They further alleged violations of FINRA Rules relating to investments in municipal bonds and two private equity investments, as well as the use of margin in connection with those investments. 

Municipal bonds are riskier than bonds issued by the federal government. Private equity is a speculative investment that involves companies that do not sell shares on a public exchange. These riskier types of investments are subject to strict suitability requirements and investors should understand the risks before adding them to their portfolios. 

The investor is seeking $2.5 million. 

What is Margin Investing? 

Investing on margin involves borrowing money from a brokerage firm in order to purchase more securities. Using borrowed money is called “leverage” and it increases the risk that the investor will lose money. Margin accounts may come with interest charges, significant broker fees, and the risk of a margin call. 

Margin calls happen when the broker needs more money in the account in order to cover the minimum margin requirement. If the investor does not deposit money in the margin account, the broker may liquidate securities in the investor’s account in order to cover the minimum. 

Utilizing margin is often unsuitable and investors should be made aware of the risks before purchasing securities on margin. 

Background Information 

Matthew Steinberg 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 7 General Securities Representative Examination 

He is a registered broker in 28 states and D.C. He is also a registered investment adviser in New Jersey, Pennsylvania, and Texas.

During his 29 years of experience, he has registered with two firms: Oppenheimer & Co. and Dean Witter Reynolds (CRD #: 7556).  

Kurta Law Can Help 

If you have worked with Matthew Steinberg and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that 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. Do not let securities fraud go unchecked. Start your recovery process today.