Matthew O. Clason, LPL Financial, Glastonbury, CT

SEC Charges Matthew Clason with Stealing from Retired Client

According to a litigation release on Sept. 1, 2020, the Securities and Exchange Commission reportedly filed an emergency action charging financial advisor Matthew O. Clason, of Cheshire, Connecticut, with stealing thousands of dollars from an advisory client. The SEC is 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.

According to his FINRA BrokerCheck report, Clason is currently registered with LPL Financial in Glastonbury, CT. He is 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.

The SEC is reportedly requesting that the court enter an order freezing Clason’s assets and requiring an accounting. The SEC also seeks permanent injunctive relief, disgorgement plus prejudgment interest, and civil penalties.

Filing a Complaint against your Brokerage Firm

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.

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 Franklin, Tennessee.

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