Matthew Winthrop’s Equitable Advisors Termination: Investigation Launched by Haselkorn & Thibaut

Matthew Winthrop (CRD #2445102), a long-time financial advisor formerly registered with Equitable Advisors, LLC, was terminated on September 15, 2025 for alleged excessive trading in client brokerage accounts. According to records from FINRA BrokerCheck and SEC IAPD, this is the latest in a series of client-related disputes involving Winthrop across his three-decade career in the securities industry.

The national investor-rights law firm Haselkorn & Thibaut, P.A. has announced an independent investigation into the circumstances surrounding Winthrop’s termination and prior customer complaints.

Who Is Matthew Winthrop?

Matthew Winthrop entered the securities industry in 1994 and has been affiliated with multiple major broker-dealers over the past 30 years. His registration history includes:

• Equitable Advisors, LLC (01/2022 – 09/2025)

• Aegis Capital Corp. (10/2017 – 02/2022) and again since 09/25/2025

• RBC Capital Markets, LLC (07/2011 – 10/2017)

• Oppenheimer & Co., Inc. (08/2007 – 07/2011)

• H&R Block Financial Advisors, Inc. (08/2003 – 08/2007)

• UBS PaineWebber Inc. (09/1998 – 12/2002)

• Prudential Securities Incorporated (12/1995 – 09/1998)

• Dean Witter Reynolds Inc. (03/1994 – 12/1995)

Winthrop currently holds multiple FINRA licenses, including Series 7, Series 24, Series 31, and Series 66, allowing him to operate as a general securities principal and investment-adviser representative.

Termination From Equitable Advisors

In September 2025, Equitable Advisors filed a disclosure report to FINRA stating that Winthrop had been discharged due to allegations of “excessive trading in client brokerage accounts.” The disclosure was classified as a Termination After Allegations event, meaning the firm’s internal review concluded that Winthrop’s trading activity did not meet supervisory or suitability standards.

“Excessive trading,” also known as churning, typically occurs when a broker executes an unusually high volume of trades in a customer’s account—often to generate commissions rather than to serve the client’s investment objectives. FINRA Rules 2111 (Suitability) and 3110 (Supervision) require firms and advisors to ensure all trading activity is appropriate for the customer’s risk profile.

Although no regulatory action or arbitration award has yet been issued in this case, the termination itself is a serious disclosure that can prompt additional regulatory scrutiny.

Prior Customer Disputes

Public records show five customer complaints involving Matthew Winthrop since the late 1990s. While some were denied or closed without action, others resulted in monetary settlements:

1. April 2015 – Oppenheimer & Co., Inc.

   • Allegation: Unauthorized trading and improper handling of an IRA distribution leading to tax penalties.

   • Outcome: Settled for $50,000.

2. May 2003 – UBS PaineWebber Inc.

   • Allegation: Unauthorized and excessive trading; unsuitable recommendations.

   • Outcome: Denied by the firm.

3. March 2002 – Prudential Securities Inc.

   • Allegation: Misrepresentation of investment risks over several years.

   • Outcome: Closed with no action.

4. November 1999 – Prudential Securities Inc.

   • Allegation: Stock purchased without the client’s knowledge.

   • Outcome: Denied.

5. July 1998 – Prudential Securities Inc.

   • Allegation: Excessive and speculative trading causing $55,834 in alleged losses.

   • Outcome: Closed with no action.

These repeated allegations—spanning multiple firms and decades—underscore a pattern of customer concerns centered on trading frequency, suitability, and account management practices.

The Broader Issue: Excessive Trading and Investor Harm

Excessive trading can be financially devastating to retail investors. Each trade generates commissions, markups, or advisory fees that reduce returns, and frequent turnover increases tax exposure. In brokerage accounts, it’s a red flag if:

• The annual turnover ratio (total purchases ÷ average account value) exceeds 6.0.

• Cost-to-equity ratios (annual fees ÷ average account value) exceed 20%.

• The client’s risk tolerance or stated goals are inconsistent with the trading pattern.

FINRA routinely disciplines advisors and firms for churning, which may result in restitution, fines, or suspensions. For investors, the key warning sign is high trading volume without a clear strategy.

Haselkorn & Thibaut’s Investigation

Investor-advocacy law firm Haselkorn & Thibaut, P.A.—a national firm focused exclusively on investment-fraud and securities-arbitration claims—has announced an independent investigation into Matthew Winthrop’s termination and prior trading activity at Equitable Advisors.

The firm, which reports a 98% success rate and over $100 million recovered for investors nationwide, regularly investigates advisors terminated for misconduct such as unauthorized trading, unsuitable recommendations, and supervisory failures.

Attorneys at Haselkorn & Thibaut encourage any clients of Matthew Winthrop or Equitable Advisors who suspect losses to request a free portfolio review to determine whether excessive trading or unsuitable investments occurred.

What Investors Should Do

If you had brokerage or advisory accounts with Matthew Winthrop, especially during his tenure at Equitable Advisors (2022–2025) or Aegis Capital (2017–2022), consider taking the following steps:

1. Review your statements for unusually frequent trading or high commission charges.

2. Compare your account’s performance to a similar buy-and-hold strategy; excessive trading often yields worse results.

3. Check BrokerCheck for any new or pending disclosures. Visit brokercheck.finra.org and search Matthew Winthrop CRD #2445102.

4. Consult a securities attorney for a confidential evaluation of potential recovery options.

5. Act promptly—FINRA Rule 12206 limits most claims to six years from the date of the alleged misconduct.

Why Supervision Matters

Broker-dealers such as Equitable Advisors are legally required to supervise their registered representatives under FINRA Rule 3110. If a firm fails to detect or prevent excessive trading, it can be held jointly liable for client losses in FINRA arbitration.

Negligent supervision cases often involve red-flags such as:

• Repeated short-term trading in long-term accounts.

• Large commission revenue generated by a single broker.

• Patterns of customer complaints against the same representative.

Haselkorn & Thibaut’s investigation will likely examine whether Equitable Advisors had adequate systems in place to monitor Winthrop’s trading activity and protect clients from unnecessary turnover.

About Haselkorn & Thibaut

Haselkorn & Thibaut, P.A. represents investors nationwide in claims against brokerage firms and financial advisors. The firm operates on a contingency-fee basis—meaning clients pay no fees unless a recovery is achieved.

With offices in Florida, New York, Texas, and Arizona, the firm’s attorneys handle cases involving:

• Excessive trading (churning)

• Unsuitable investment recommendations

• Negligent supervision

• Ponzi schemes and private placements

• Alternative investments and REIT fraud

For more information or to request a free confidential consultation, call 1-888-885-7162 or visit InvestmentFraudLawyers.com.

Key Facts: Matthew Winthrop (As of November 2025)

Conclusion

The termination of Matthew Winthrop by Equitable Advisors for alleged excessive trading highlights the ongoing challenge of balancing advisor incentives with client best-interest obligations. While no final regulatory findings have been announced, investors should remain vigilant, review their portfolios, and seek independent legal advice if they suspect they have been harmed.

For a free, confidential review of your investments with Matthew Winthrop or Equitable Advisors, contact Haselkorn & Thibaut at 1-888-885-7162 or visit InvestmentFraudLawyers.com.