Integrated & LPL pay $1 M in Restitution to Victim of Advisor Matthew O. Clason
Integrated Wealth Concepts, an RIA hybrid of LPL Financial, reportedly settled a fraud victim’s lawsuit claiming the financial advisor’s scheme was “as egregious as the crime itself,” according to an article in Financial Planning on March 28.
LPL and Integrated Wealth Concepts, reportedly made joint payments of $500,000 each to widow Dianne G. Crossland last February after she alleged that the owner and Chief Compliance Officer failed to supervise its rep and ran “a malicious campaign” against her, according to the article.
Crossland was allegedly defrauded by Former LPL and Integrated advisor Matthew O. Clason (CRD #4692266), who is currently serving a prison sentence after pleading guilty to wire fraud last year, according to the article.
The $1 million award was intended to cover Crossland’s financial losses. Clason is reportedly serving a 30-month sentence, two years of supervision, and was ordered to pay $639,580 in restitution.
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Matthew Clason was reportedly dually registered with Integrated Wealth Concepts and LPL Financial from October 2016 until September 2020 in Glastonbury, CT. The firms reportedly fired Clason in September 2020 for the above allegations. He has three customer disputes filed against him.
Filing a Complaint against your Brokerage Firm
When brokers abuse client accounts or conduct transactions that violate securities laws, 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.
If you are concerned about investments with Matthew O. Clason, the securities attorneys of 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 and Seattle, Washington.
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