Matthew Angelo Siliato of New York New York a stockbroker formerly registered with Spartan Capital has been suspended by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity supported by accusations that the stockbroker neglected to comply with an award or settlement agreement or otherwise confirm his compliance with the regulator. Case No. 18-04311 (Sept. 3, 2019).
This is not the first time that Siliato has been sanctioned by a securities regulator based upon allegations of the stockbroker’s misconduct in the securities industry. Specifically, Siliato was suspended by FINRA from associating with any FINRA member in any capacity founded on accusations that he failed to comply with another arbitration award or settlement agreement or correspond with FINRA concerning his obligations. Case No. 17-01716 (June 12, 2019).
FINRA Public Disclosure reveals that Siliato is also the subject of seven customer initiated investment related disputes pertaining to allegations of the stockbroker’s wrongdoing when he was registered with securities broker dealers including Meyers Associates, National Securities Corp and JP Turner Company LLC. Specifically, a customer filed an investment related arbitration claim pertaining to Siliato’s activities in which the customer sought $383,000.00 in damages supported by accusations that during the time that Siliato was associated with Meyers Associates LP: (1) trades were effected without the customer’s permission (2) transactions failed to be suitable given the customer’s risk tolerance, investment objectives or overall circumstances (3) margin was inappropriately utilized by the stockbroker to effect over the counter equities transactions and (4) the customer’s account was churned. FINRA Arbitration No. 17-00884 (Apr. 18, 2017).
Siliato is referenced in another customer initiated investment related arbitration claim which was resolved for $50,000.00 in damages based upon allegations that fiduciary duties had been breached; and unsuitable over the counter equities transactions had been effected by Siliato while the stockbroker was employed by National Securities Corp. FINRA Arbitration No. 15-03036 (Mar. 2, 2018). An additional customer initiated investment related arbitration claim involving Siliato’s conduct was settled for $14,999.99 in damages founded on accusations that when Siliato was registered with Meyers Associates LP, equity trades placed in the customer’s account were unsuitable in view of the customer’s objectives for investing and those transactions caused the customer to suffer losses. FINRA Arbitration No. 16-01526 (June 11, 2018).
Siliato’s registration with Spartan Capital has been terminated as of November 7, 2018. Between December 18, 2018 and June 20, 2019, he was registered with Wynston Hill Capital LLC.
