The financial world can be a challenging landscape to navigate, and it’s never easy news to hear about another experienced broker facing multiple investor disputes. Matthew Wilkes, a broker associated with TrustFirst, is the recent subject of investor disputes detailed on his BrokerCheck record as of February 9, 2024.
Allegations Surface Against Willkes
Investors have come forward alleging that Wilkes recommended an unsuitable Premium-financed life insurance policy, failing to explain its inherent risks. They have further accused him of making another unsuitable recommendation, this time about changing insurance providers. A massive, staggering sum of $2,680,220.14 is being pursued by the investor.
Sadly, this is not an isolated incident. Similar allegations surfaced on January 12, 2024, where another investor is claiming damages for a spine-chilling $4.1 million.
Delving into FINRA Rules
The FINRA Rule 2111 outlines the concept of suitable investments. By definition, these are securities that align with an investor’s profile, taking their age, risk tolerance, tax status, investing experience, and financial goals into the consideration. The failure to factor in these defining variables can lead to undesirable and unsuitable investment recommendations.
There’s also the FINRA Rule 2010. This rule mandates brokers to uphold the highest standards of commercial honor and fair principles of trade. Any violation of Rule 2111 automatically translates into a breach of Rule 2010 too – something Matthew Wilkes appears to have fallen foul to.
Matthew Wilkes: A Brief Background
Wilkes boasts an impressive track record, having passed a string of crucial exams including:
- 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
- Series 6 Investment Company Products/Variable Contracts Representative Examination
- Series 24 General Securities Representative Examination
In his decade and a half of professional experience, he has been associated with seven well-established firms including TrustFirst, FSIC, and Wells Fargo Advisors to name a few.
For investors who have worked with Wilkes and have concerns about their investments, help is available. If you feel that your investments have been mishandled or you are a victim of securities fraud, it’s important to take action and seek professional advice. You can choose to approach a reputable law firm that specializes in representing investors against brokers and brokerage firms.
Remember that your right to recoup your investment losses takes precedence and should always be upheld. The path to recovery starts with acknowledging the problem and seeking the advisory from the right legal professionals.