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Written by 5:49 pm Broker Investigations

Scott Matalon, RBC Capital, Barred by FINRA 

Scott Matalon, RBC Capital, Barred by FINRA featured by top securities fraud attorneys, the White Law Group

FINRA Bars RBC Broker Scott Matalon after Allegations

According to public records, FINRA, the self-regulator, has reportedly barred financial advisor Scott Matalon (CRD#: 4637378) from working in the securities industry.

Matalon reportedly refused to provide documents and information requested by FINRA in connection with its investigation of allegations made in a statement of claim filed against his member firm by one his clients.

A customer complaint filed in May 2023 allege that Matalon allowed a now deceased client to make withdrawals from accounts owned solely or jointly by the client and allowed the client to surrender his insurance policy despite the advisor being aware of the client’s alleged health issues.

Claimants further allege the former advisor recommended an accountant to Claimants who the former advisor then colluded with to convert funds from the Claimants. In addition, Claimants allege the former advisor charged excessive fees, made unsuitable investment recommendations and failed to notify them regarding activity on their accounts.

Claimants’ causes of action are negligence, misrepresentation, failure to supervise, conspiracy to convert funds, breach of fiduciary duty, and unsuitability. Claimants allege compensatory damages of $2.5M, punitive damages, interest, fees and costs. The settlement amount was $50,000, according to FINRA.

A second complaint was reportedly filed in November 2023 alleging unsuitable investments. The damage amount requested was $1,500,000. The case settled for $500,000, according to FINRA.

FINRA BrokerCheck Report – Scott Matalon  

According to this FINRA BrokerCheck report, Scott Matalon was affiliated with the following firms during his career, among others:

08/15/2019 – 08/02/2021, RBC CAPITAL MARKETS, LLC (CRD#:31194), JERICHO, NY,
B, 05/31/2013 – 08/16/2019, AMERIPRISE FINANCIAL SERVICES, INC. (CRD#:6363), NEW YORK, NY

The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.

FINRA BrokerCheck provides investors with detailed information about the professional history, qualifications, and regulatory actions of brokers and brokerage firms. You can use the tool to verify if a broker or brokerage firm is registered with FINRA, review their employment history, licensing status, and any regulatory actions or complaints filed against them.

Filing a Complaint against your Brokerage Firm 

When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. 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 have suffered investment losses with Scott Matalon and RBC Capital Markets, the securities attorneys at 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 dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.

Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.

With over 30 years of securities law experience, The White Law Group has the expertise to help investors to recover their securities fraud losses.


Tags: , , Last modified: April 26, 2024