Matthew Lee Geiser of Grand Island Nebraska a stockbroker formerly registered with Principal Securities Inc. is the subject of a customer initiated investment related complaint which has been settled for $63,653.28 in damages on January 22, 2018 founded on accusations that Geiser falsified information concerning the guaranteed returns of an annuity he sold to the customer while associated with Principal Securities.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Geiser has been identified in fourteen more customer initiated investment related disputes containing allegations of his violative conduct while employed by securities broker dealers including Principal Securities. Specifically, on February 16, 2016 a customer initiated investment related complaint regarding Geiser’s conduct was resolved for $55,617.41 in damages based upon accusations that Geiser falsely represented that the customer would receive a minimum rate of return on the customer’s investment.
Thereafter, a customer initiated investment related complaint involving Geiser’s activities was settled for $513,098.07 in damages supported by allegations that the customer had been misled in regard to the purchase of an equity indexed annuity – the customer would not have purchased the product had Geiser properly apprised the customer about the tax liabilities and surrender penalties pertaining to the transaction. Also, on June 13, 2016, a customer initiated investment related complaint concerning Geiser’s conduct has been resolved for $15,000.00 in damages founded on accusations that the customer was placed into whole life insurance policies that were inappropriate given the customer’s objectives and needs. Geiser is additionally the subject of a customer initiated investment related written complaint which was settled for $26,679.60 in damages on September 23, 2016 based upon allegations that the customer was not provided accurate information concerning investments, and the customer had been charged excessive fees on transactions.
Subsequently, on September 28, 2017, a customer filed an investment related complaint regarding Geiser’s conduct in which the customer requested $114,000.00 in damages supported by accusations that Geiser failed to apprise the customer about all the options to generate guaranteed income from the annuity purchased by the customer while Geiser was employed by Principal Securities Inc.
FINRA Public Disclosure further reveals that Geiser has been barred from associating with any FINRA member in any capacity supported by findings that Geiser obstructed a FINRA investigation into allegations of (1) Geiser making misleading statements to customers concerning variable annuity investments and (2) Geiser giving bad advice to one or more customers concerning investments. Letter of Acceptance Waiver and Consent No. 2015047322501 (Nov. 04, 2016).
Apparently, Geiser had been asked by FINRA to provide recorded testimony before FINRA personnel; however Geiser declined the regulator’s request. Subsequently, Geiser received a letter from FINRA which called upon him to testify under Rule 8210 and warned him that his failure to testify could lead FINRA to impose sanctions against him. Nonetheless, Geiser informed FINRA that he would not testify in reference to his activities. Indeed, Geiser reportedly confirmed that he would not cooperate in FINRA’s investigation at any time. Consequently, FINRA was unable to determine the extent of Geiser’s potential misleading statements and unsuitable investment recommendations. Consequently, FINRA found Geiser’s conduct in this regard to be violative of FINRA Rules 2010 and 8210.
