March 18, 2021 Comments Off on Ex-LPL Broker Matthew Clason Barred after Theft Charges Blog, Current Investigations

Ex-LPL Broker Matthew Clason Barred after Theft Charges

Ex-LPL Broker Matthew Clason Barred after Theft Charges, featured by top securities fraud attorneys, The White Law Group

Update on Investigation: Client complaints filed against Matthew Clason, Glastonbury, CT, alleging Unsuitable investments and Conversion of Funds

The White Law Group is continuing its investigation into former LPL financial advisor Matthew Clason (CRD # 4692266) and the liability his employers may have for failure to supervise him.

On September 17, 2020, the Financial Industry Regulatory Authority (FINRA) reportedly barred Clason from the securities industry after he refused to provide information in the regulator’s investigation into allegations that he converted customer funds. FINRA’s findings stated Clason’s employer terminated him “because he maintained a joint bank account with a firm customer, engaged in liquidations of securities in the customer’s firm account, transferred funds to a joint bank account, and withdrew funds.”

FINRA’s bar came after the Securities and Exchange Commission reportedly filed an emergency action charging Clason  with allegedly stealing thousands of dollars from an advisory client. The SEC was seeking an asset freeze and other relief.

The SEC alleges that, beginning in February 2019, Clason stole over $300,000 from a retired 73-year-old advisory client. Clason allegedly liquidated securities in his client’s accounts, transferring the proceeds from the sales to a bank account held jointly with the client for investment purposes.  Clason purportedly withdrew cash from the account on numerous occasions and at different bank locations. The complaint further alleges that the client did not know of or approve the withdrawals and did not receive the cash that Clason withdrew. The SEC charges are still pending.

According to his FINRA BrokerCheck report, Clason was registered with LPL Financial in Glastonbury, CT from 2016 until September 2020. He was also an investment adviser with Integrated Wealth Concepts, also of Glastonbury. He has reportedly been affiliated with four firms since he began his career in the securities industry in 2004. Clason reportedly has 2 customer complaints filed against him, according to his broker report.

Potential Lawsuits to Recover Financial Losses

When brokers abuse client accounts or conduct transactions that violate securities laws, such as selling away  or making unsuitable investment recommendations, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

Did you invest with Matthew Clason? If so, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call 888-637-5510.

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.

For more information on The White Law Group, visit www.whitesecuritieslaw.com.

 

 

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