Suing Matt Maberry for ETF and Mutual Fund Sales

Stoltmann Law Offices is investigating Matt Maberry, a financial advisor from Alton, Illinois. Maberry is accused of buying and selling a number of non-traditional exchange-traded funds (ETFs), and inverse or leveraged mutual funds. The Financial Industry Regulatory Authority (FINRA) also accused him of recommending that his clients buy “steepener” notes, which are notes that are designed to increase in value as the gap between long and short interest rates increase. Maberry was also accused of trading Class A shares of inverse and leveraged mutual funds in client accounts. “A” shares of mutual funds tend to have up front commissions of 2 to 5 percent, but Maberry recommended his clients hold the funds for less than a year, sometimes only a few months. FINRA deemed this practice unsuitable. The regulatory authority also alleged that Gregory H. Bray, Maberry’s supervisor at Alton Securities Group, Inc. failed to properly supervise him while he was employed there. Bray was fined $7,500 and suspended for six weeks.

Maberry worked for IDS Life Insurance Company in Minneapolis, Minnesota from May 1989 until June 1989, American Express Financial Advisors in Minneapolis from May 1989 until June 1989, Newhard, Cook & Co Inc in St. Louis, Missouri from June 1989 until September 1989, Advest Inc. in Hartford, Connecticut from September 1989 until March 1992 and Longrow Securities Inc. in St. Louis from February 1992 until October 1996. He is currently registered with Alton Securities Group in Alton, Illinois. Alton Securities Group may be held responsible for money losses you may have suffered if you invested with Matt Maberry. Please call our securities law firm based in Chicago, Illinois at 312-332-4200 to speak to an attorney about your options.

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