Former LPL Financial Investment Advisor Was Also Was Let Go By Integrated Wealth Concepts
The Securities and Exchange Commission (SEC) has filed civil charges accusing former LPL Financial (LPLA) registered representative, Matthew O. Clason, of defrauding an older investor of over $300K.
In August, Clason, who worked out of Glastonbury, Connecticut, was let go by LPL Financial. He also was fired by Integrated Wealth Concepts, where he was an investment advisor. In September, the Financial Industry Regulatory Authority (FINRA) barred Clason.
If you suffered losses while working with the ex-LPL stockbroker, Matthew Clason, contact our investment fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm). We can help you explore your legal options.
Clason Allegedly Misappropriated Senior Investor’s Funds
According to the SEC, the former stockbroker began defrauding the elderly retiree almost two years ago. This allegedly included liquidating securities in the customer’s account and moving the proceeds to a bank account under both their names. This account was supposed to be used to make investments and pay certain monthly bills for the senior investor. However, Clason also allegedly made numerous withdrawals without her knowledge or consent and kept the funds.
The SEC contends that this was a breach of fiduciary duty and that the ex-LPL Financial broker took advantage of his personal relationship with the retiree, who considered him a friend. They saw each other weekly, with Clason running errands for her and driving her to different appointments.
Elder Financial Fraud and Abuse
A 2015 report found that older Americans lose $36.5 billion to financial abuse and scams yearly. Some of those responsible for defrauding these seniors are financial professionals.
Losing money due to fraud can wreak havoc at any time in life. To have your hard-earned savings taken from you when you are no longer employed and/or suffering from serious health issues or disabilities can lead to catastrophic consequences.
Our elder financial abuse lawyers have been fighting for senior investors and their families for 30 years. SSEK Law Firm has recovered many millions of dollars on our clients’ behalf.
Broker-dealers have a duty to properly supervise their registered representatives. They can be held liable for senior investment fraud losses that occur under their watch. Matthew Clason worked 16 years in the securities industry. Before LPL Financial, he was a broker at Lincoln Financial Advisors Corp. and American General Securities.
Contact SSEK Law Firm today to receive your free, no-obligation case consultation.