FINRA reportedly bars Matthew Cochran for impersonating customers
According to the Financial Industry Regulatory Authority (FINRA), on March 20, the regulator has reportedly barred a former Northwestern Mutual broker, Matthew Cochran, for allegedly impersonating clients and creating accounts away from his firm.
The scheme, which reportedly involved executing transactions in 94 accounts held at TD Ameritrade in Charlotte, NC, took place from November 2015 through April 2, 2017, according to FINRA.
FINRA says that Cochran did not inform Northwestern or TD Ameritrade that he was opening these accounts, held by 98 of his customers.
Further, FINRA says Cochran impersonated the account holders and allegedly instructed the firm to liquidate their positions during 10 telephone calls to the executing firm.
Cochran reportedly received $34,000 related to this activity from his customers, after executing 5,931 transactions with an aggregate value of more than$9.6 million for the investors with accounts at TD Ameritrade.
According to Cochran’s FINRA BrokerCheck Report, Cochran was registered with Northwestern Mutual from November 2011 until the firm permitted him to resign on April 12, 2017, “….after he admitted to engaging in private securities transactions, selling away from the firm, collecting and storing confidential information on an unsecured spreadsheet and avoiding documentation to evade supervision of these activities.”
For FINRA’s full findings see FINRA case #2017054247001.
Investigating Potential Claims
The White Law Group is investigating potential claims involving Matthew Cochran and Northwestern Mutual. Brokerage firms have an obligation to properly supervise their financial advisors. Firms that fail to do so can be held responsible for resulting losses in a FINRA arbitration claim.
If you have questions or concerns about investments you made with Matthew Cochran, the securities attorneys at The White Law Group may be able to help you. To speak with a securities attorney, please call 888-637-5510 for a free consultation.
This information, which is publicly available on the Financial Industry Regulatory Authority’s website, has been provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, and its representation of investors, please visit our website at http://www.whitesecuritieslaw.com.