The Securities and Exchange Commission (“SEC”) brought an action against former LPL Financial LLC broker, Matthew O. Clason (CRD#: 4692266) of alleged theft of a client’s assets. If you believe that you have suffered losses as a result of Mr. Clason’s negligence or intentional wrongdoing, please contact Levin Law, P.A. for a free case evaluation to see if you qualify to bring a lawsuit, arbitration claim, or class action.
According to the SEC, Clason stole over $300,000 from an advisory client and personal friend after five years as her advisor. In 2018, Clason convinced his client to share a joint account under the pretext of facilitating investments due to the client’s limited mobility as a 73-year old retiree. Soon after, Clason liquidated securities in the client’s accounts, transferred the proceeds to the joint account, and withdrew cash from multiple bank locations to avoid detection. All such activities were not known or authorized by the client. On August 19, 2020, LPL Financial LLC terminated Clason’s employment.
Investment advisors, stockbrokers, and brokerage firms have the fiduciary duty to their clients to protect their investments and put clients’ interests ahead of their own. Such fiduciary duties include the obligation to act in the client’s best interests and to fully disclose all material facts about the advisory relationship.
Under the SEC rules, Clason is alleged to have breached his fiduciary duty to his client after over 14 years in the industry working under LPL Financial LLC and Lincoln Financial Advisors Corp. The Financial Industry Regulatory Authority (“FINRA”) barred Clason from acting as a registered representative after he refused to provide documents and information regarding LPL Financial LLC termination. Clason consented to FINRA’s sanction to a bar from associating with any FINRA member firm in any capacity.
If your stockbroker, financial advisor, or investment professional engages in broker theft, the company that he or she works for might be liable to you for resulting damages. Furthermore, brokerage firms, such as LPL Financial, are required to supervise their brokers and financial advisors under FINRA Rule 3110.
According to FINRA BrokerCheck, LPL has failed several times to reasonably supervise and maintain adequate systems to prevent broker misconduct. Failure to supervise that results in losses to a customer, may result in the brokerage firm being held liable and responsible for customers’ damages.
Contact Levin Law managing partner Brian Levin at (305) 402-9050 or email firstname.lastname@example.org for a free case evaluation. We accept most cases on a contingency-fee basis, meaning you are not responsible for Levin Law’s attorney fees unless money is recovered on your behalf.
Levin Law is a premier national securities and class action law firm with significant experience. Brian Levin, Levin Law’s founding attorney, has helped recover approximately $100,000,000 through securities arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.