Bronx Broker, Matthew Siliato, Formerly of Wynston Hill Capital, LLC, Barred by FINRA

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Matthew Siliato from the securities industry. Mr. Siliato was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation. FINRA’s investigation originated from an investigation into Mr. Siliato’s potentially excessive and unauthorized trading in a customer’s account while he was associated with Wynston Hill Capital, LLC in the Bronx, New York.

Mr. Siliato has a history of regulatory sanctions. In June 2019, FINRA suspended Mr. Siliato for failing to comply with an arbitration award. That suspension was lifted in June 2019 but reimposed in January 2020. In September 2019, FINRA suspended Siliato for failing to comply with a second arbitration award. Mr. Siliato has also been the subject of numerous customer complaints.

If you have suffered financial losses investing with Matthew Siliato or Wynston Hill Capital, LLC, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Wynston Hill Capital, LLC.

FINRA Letter of Acceptance, Waiver, and Consent No. 2019063283801

Matthew Angelo Siliato and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on April 22, 2021, after Mr. Siliato refused to provide on-the-record testimony connected with FINRA’s investigation. The investigation originated from an investigation into Siliato’s potentially excessive and unauthorized trading in a customer’s account while he was associated with Wynston Hill Capital, LLC.

On February 25, March 11, and March 2021, in connection with FINRA’s investigation, FINRA sent requests to Mr. Siliato for on-the-record testimony pursuant to FINRA Rule 8210. On April 9, 2021, Mr. Siliato stated on a phone call that he would not appear for on-the-record testimony at any time.

By refusing to testify, Mr. Dixon violated FINRA Rules 8210 and 2010.

Financial Advisor Matthew Angelo Siliato (CRD No. 5062153)

Matthew Angelo Siliato had 12 years of experience in the securities industry and has been associated with seven different firms, including one firm that has been expelled by FINRA:

Wynston Hill Capital, LLC in Bronx, New York, from December 2018 until June 2019.
Spartan Capital Securities, LLC in New York, New York, from January 2017 until November 2018.
Windsor Street Capital, LP (expelled by FINRA) in New York, New York, from March 2013 until January 2017.
National Securities Corporation in Iselin, New Jersey, from January 2010 until February 2013.
P. Turner & Company, L.L.C. in Staten Island, New York, from March 2009 until December 2009.
National Securities Corporation in Staten Island, New York, from August 2007 until April 2009.
Joseph Stevens & Company, Inc. in Brooklyn, New York, from December 2006, until July 2007.
Joseph Gunnar & Co. LLC in New York, New York, from July 2007 until July 2007.

According to his BrokerCheck report, Mr. Siliato has been the subject of at least seven customer complaints:

Customer Dispute (April 2017): A customer filed a securities arbitration complaint alleging $383,000 in damages as a result of churning, margin, unsuitable recommendations, and unauthorized trades. The dispute is pending.
Customer Dispute (June 2016): A customer filed a securities arbitration complaint alleging $250,628 in damages. The complaint alleged unsuitable recommendations related to equities. The dispute was settled by Mr. Siliato for $14,999.
Customer Dispute (December 2015): A customer filed a securities arbitration complaint alleging $522,941 in damages. The complaint alleged unsuitable recommendations related to equities. The dispute was settled by National Securities Corporation and Mr. Siliato for $72,000.
Customer Dispute (April 2014): A customer filed a securities arbitration complaint alleging $75,000 in damages. The complaint alleged that Mr. Siliato failed to follow instructions. The dispute was settled for monetary compensation.
Customer Dispute (October 2013): A customer provided a written complaint to National Securities Corp, alleging unsuitable recommendations. The customer did not file a securities arbitration complaint. The firm denied the customer any compensation.
Customer Dispute (April 2010): A customer alleged that Mr. Siliato made misrepresentations. The matter was settled for monetary compensation.
Customer Dispute (October 2009): A customer provided a written complaint to National Securities Corp, alleging excessive trading that resulted in $21,000 in damages. The customer did not file a securities arbitration complaint. The firm denied the customer any compensation.

Excessive trading occurs when a financial advisor makes many trades in a customer’s account, not to benefit the customer but to generate commissions for the broker.

Unauthorized trading often occurs in non-discretionary accounts, where a customer retains discretion. In non-discretionary accounts, brokers must obtain a customer’s permission every time before placing a trade.

Excessive trading and unauthorized trading are unethical and illegal practices. They are all also violations of securities rules and regulations and can cause enormous harm to customers.

Mr. Siliato has also been the subject of several judgment and liens:

6/29/2017: $10,840 (State of New York Tax Lien)
9/4/2015: $40,068 (Civil Judgment)

Supervisory Duties

Brokerage firms like Wynston Hill Capital, LLC must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

If you have lost money with financial advisor Matthew Angelo Siliato or Wynston Hill Capital, LLC, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.