Publicly available records provided by the Securities and Exchange Commission (SEC) indicate that administrative proceedings were recently brought against broker/investment advisor, Matthew O. Clason (CRD # 4692266) in which he was barred from the securities industry by the SEC after pleading guilty to criminal conduct. Specifically, the administrative proceedings were brought pursuant to Section 15(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Section 203(f) of the Investment Advisers Act of 1940 (“Advisers Act”), on August 17, 2021, after a final Judgement was entered against Mr. Clason from an earlier related civil action brought by the SEC.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Matthew Clason.
Registration Background for Matthew Clason
According to FINRA BrokerCheck, and Investment Advisor Public Disclosure (IAPD) Mr. Clason first became registered in the securities industry in 2004 and became registered as an investment adviser in 2007. He was most recently registered with Glastonbury, CT Integrated Wealth Concepts LLC (CRD # 284656) from October 2016 to November 2020. His prior registrations include but are not limited to LPL Financial LLC (CRD # 6413) from July 2017 to November 2018 and Lincoln Financial Advisors Corporation (CRD # 3978) from July 2007 to October 2016.
SEC’s Findings Against Matthew Clason
The SEC’s August 17, 2021 Order (File No. 3-20464) makes clear that in anticipation of the institution of the SEC’s administrative proceedings, Mr. Clason submitted an Offer of Settlement (the “Offer”) in which he consented to, without either admitting to or denying, the following findings:
- “On September 1, 2020, the Commission filed SEC. v. Clason, 3:20-cv-01279 (D. Conn.), in which the Commission alleges that, from at least September 2018 to August 2020, Clason misappropriated hundreds of thousands of dollars from a client of the investment adviser and broker-dealer firms with which he was associated, in breach of his fiduciary duty to his client”;
- On May 12, 2021, Clason pled guilty to criminal conduct relating to certain matters alleged in the Commission’s Complaint in violation of 18 U.S.C. § 1343 before the United States District Court for the District of Connecticut, in United States v. Matthew Clason, Crim. No. 3:21- CR-66”; and
- “In connection with that plea, Respondent admitted the certain facts set forth in the Information filed in the Criminal Action.”
The SEC Sanctions Matthew Clason
As a result of the above described Offer and findings, the SEC’s August 17, 2021 Order also indicates that Mr. Clason consented to the following sanctions:
- A bar from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization;
- A bar from participating in any offering of a penny stock, including: acting as a promoter, finder, consultant, agent or other person who engages in activities with a broker, dealer or issuer for purposes of the issuance or trading in any penny stock, or inducing or attempting to induce the purchase or sale of any penny stock; and
- Any reapplication for association by Mr. Clason will be subject to the applicable laws and regulations governing the reentry process, and reentry may be conditioned upon a number of factors.
Matthew Clason Has A History of Regulatory Actions
In addition to Matthew Clason being barred from the securities industry by the SEC after pleading guilty to criminal conduct, FINRA BrokerCheck for Mr. Clason reveals the following prior regulatory action:
- On September 17, 2020, Mr. Clason was barred from the securities industry by the Financial Industry Regulatory Authority (FINRA) for failing to cooperate in a FINRA investigation into liquidating client securities and transferring the funds into an account he held jointly with the client.
Matthew Clason Has a History of Securities Industry Customer Complaints
In addition to Matthew Clason being barred from the securities industry by the SEC after pleading guilty to criminal conduct, FINRA BrokerCheck for Mr. Clason reveals he has a prior history of customer-initiated arbitrations and/or complaints, including but not necessarily limited to the following:
- On November 9, 2020 a customer-initiated arbitration was filed naming Mr. Clason as a respondent for alleged actions that occurred while he was associated with LPL Financial and Integrated Wealth Concepts LLC. The customer alleged Mr. Clason converted monies during the period between 2015 and 2020. The customer further alleged damages in the amount of $2,500,000.00. On February 22, 2021 the arbitration was settled in the amount of $1,000,000.00.
- On October 27, 2020 a customer initiated a written complaint against Mr. Clason regarding alleged actions that occurred while he was associated with Lincoln Financial Advisors Corporation, LPL Financial and Integrated Wealth Concepts LLC. The customer alleged Mr. Clason misrepresented an overall investment strategy and recommended unsuitable investments. Although the amount of monetary damages was not specified, the reporting firm reasonably believed the damages to be in excess of $5,000.00 On March 1, 2021 the complaint was settled in the amount of $12,965.00.
If you or someone you know has or had an investment advisory relationship with Matthew O. Clason and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.