Investor suits are piling up against Gould, Ambroson & Associates for an investment scheme perpetrated by one of its principals Matthew Evan Eckstein. Between December 2014 and December 2015 while associated with Gould, Ambroson & Associates Eckstein illegally sold over $1.3 million of investments in Conmac Funding Corp. to his customers, including elderly, conservative investors.
On May 27, 2018, Eckstien was was charged by the Financial Regulatory Authority for selling away and accepting undisclosed kick-backs from the same of bogus investments that were supposedly “similar to a CD” and “fully guaranteed” by “premium finance company” that was “approved by the banking industry.” Department of Enforcement v. Matthew Evan Eckstein, Disciplinary Proceeding No. 2017054146302
Eckstein also failed to disclose that he had signature and withdrawal authority on the company’s bank account (and thus could withdraw investor funds) and further failed to disclose he had obtained a$100,000 loan from the company that was later purportedly forgave.
Eckstein is also facing criminal charges in Nassau County, New York, related to allegations of fraud and theft involving Conmac Funding Corp. The Nassau County DA has alleged that Eckstein’s scheme could top $5 million.
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