Matthew Eckstein— Alleged Ponzi Scheme

Matthew Eckstein, a Syosset, NY Financial Adviser, Allegedly Operated a $5 Million Ponzi Scheme Involving 14 Clients

Matthew Eckstein, 48, and a Syosset, NY financial adviser, allegedly siphoned over $5 million in a Ponzi scheme that purportedly stole cash from at least 14 clients, including many who trusted him with their retirement savings, according to a Release from the Nassau County District Attorney’s Office under review by attorney Alan Rosca.

Attorney Alan Rosca, of the Rosca Scarlato LLC law firm in the Philadelphia area, is investigating activity related to Matthew Eckstein’s alleged Ponzi scheme. Investors who believe they may have lost money in activity related to Matthew Eckstein’s alleged Ponzi scheme are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Eckstein has been charged with alleged grand larceny and scheme to defraud, and, if convicted, faces up to 15 years in prison, according to said Release.

Eckstein’s allegedly met with his purported victims, who are from Melville, Seaford, Massapequa and Smithtown, NY, among other places, when they were his clients at a Garden City-based investment firm or were referred to him by friends or family, according to prosecutors in the case.

Matthew Eckstein Allegedly Raised $1.3 Million for a So-called Investment in Conmac Funding Corp which was Purportedly Operated by His Friend

Eckstein allegedly raised $1.3 million for a so-called investment in Conmac Funding Corp., a purported insurance company run by his friend, identified only as “KB”, according to FINRA Reports under review by attorney Alan Rosca.

The purported investments in Conmac Funding Corp. allegedly appear to be part of an investment scheme run by KB, and that Eckstein did no due diligence on the investment, and that he made material misrepresentations in connection with selling KB’s investments, FINRA states.

Eckstein also made claims to investors that after two years they would get their money back plus an additional 4 percent in interest, according to court records

A few of Eckstein’s clients were allegedly encouraged to deposit thousands of dollars into an account under Conmac Funding Corp., or Conmac Capital Lending LLC, in which he held exclusive authority, said court records note.

Eckstein, rather than investing the money into Conmac, allegedly used it to fund other business enterprises, make personal purchases, and pay other victims of the scheme, according to prosecutors.

Securities Lawyer Investigating

The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Matthew Eckstein’s alleged Ponzi scheme. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of Matthew Eckstein’s alleged Ponzi scheme may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.

DISCLAIMER

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.

If you believe you lost money as a result of investment-related fraud or misconduct, please contact our law firm for a free, no-obligation evaluation of your recovery options.

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