Matthew Platnico, Broker with Allied Millennial Partners, Facing Over $1.5M in Pending Customer Disputes

Platico is accused of unsuitable and unauthorized options trading in clients’ accounts.

Matthew Platnico (CRD#: 2102086) is currently registered as a broker and investment adviser with Allied Millennial Partners, where he has been employed since 2019. Previously, Platnico was registered as a broker and investment adviser with Oppenheimer & Co., in New York, New York, where he was employed from 2005 until 2019. 

Platnico has three disclosures on his BrokerCheck report.

July 2020 Customer Dispute

• Status: Pending
• Allegations: Claimant alleges representative engaged in unsuitable and unauthorized options trading in Claimant’s account.
• Damage Amount Requested: $1,460,000.00

February 2019 Customer Dispute

• Status: Settled
• Allegations: Clients claimed they had not been contacted about closing out a short position, and the trade was therefore unauthorized. From 12/24/2018 to 12/24/18.
• Damage Amount Requested: $95,690.00
• Settlement Amount: $95,690.00
• Broker Comment: The customer is a physician, who is a sophisticated and affluent investor. On December 24, 2018, at approximately 12:45 PM (EST), just 15 minutes before the close of a volatile market on the shortened Christmas Eve trading day, management instructed me to liquidate numerous short option positions due to margin deficiencies. Mistakenly, this account was traded with all the other accounts on margin call mainly because the accounts typically traded in tandem as a group. The client chose not to notify me or the firm for over a two week period, allowing the error to become substantial.

February 2019 Customer Dispute

• Status: Pending
• Allegations: Client alleges that the strategy being employed in his account was misrepresented to him and is unsuitable. Time period is 4/1//2018 -12/31/2018.
• Damage Amount Requested: $265,627.73
• Broker Comment: The customer is a sophisticated, highly educated and experienced  investor, who was pre-qualified by my firm and its supervisor to engage in the highest level of options trading. I did not misrepresent the option strategy to him. I know that the option strategy employed in his account was suitable for him because I met with him and personally explained the risks of the strategy to him and he authorized each trade used in the strategy with full knowledge of all market risks, including especially the risk of loss which could be caused by market volatility. 

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding Matthew Platnico. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.