Stoltmann Law Offices has learned that former Sisk Investment Services broker Matthew Eckstein was arrested on June 7th, 2018 by Nassau County, New York. Mr. Eckstein, along with another broker, Kevin Brody, were involved with Conmac Funding Corp, a scheme run by the two individuals out of Hicksville, New York. According to its website, Conmac Funding is a “premium finance company that specializes in financing both commercial and personal insurance policies.” Matthew Eckstein is accused of stealing more than $5 million from at least 14 clients, including ones who are elderly or deceased. On Thursday, he was arraigned on three counts of second-degree grand larceny, and two counts of first-degree scheme to defraud. He used some of the stolen funds on the down payment on a house with a tennis court and swimming pool, according to the District Attorney.
Matthew Eckstein allegedly urged one of his elderly clients to invest $385,000 into Conmac Funding in 2015. He told the client her investment was safe, had no risk, and the principal would be returned after a two-year waiting period with an additional four percent interest. The client requested a return of her money in January 2017, but received less than what she requested. Eckstein’s house was searched in April of this year, turning up thousands of pages of documents that revealed he was using client money to fund personal expenses and other business ventures. The investigation against him is ongoing, and, if convicted, could face up to 15 years in prison.
Matthew Eckstein, according to his online, public records with the securities industry, was previously registered with Gould, Ambronson & Associates in Garden City, New York from February 1998 until September 2015, and is currently registered with Sisk Investment Services, the firm he started. It is located in Syosset, New York, and he has been registered with it since September 2015. The pending customer complaint against him alleges unsuitability, misrepresentation, negligence, breach of fiduciary duty, and violation of Florida securities and consumer protection statutes. He has one regulatory pending matter against him, and one final.
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