The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker John Matson (also known as John Nicholas Matson) (CRD: 1796541, Manhattan Beach, California). Notably, investors disputed the sales practices of the securities broker, who worked for LPL Financial LLC. Additionally, the securities broker discloses a regulatory enforcement action. Notably, these disclosures allege Matson engaged in sales practice violations. Read on to learn more about the allegations against Matson. However, keep in mind that Matson denies the allegations against him.
Evidently, on January 26, 2023, an LPL Financial LLC client filed a complaint about John Matson. Namely, the client alleged that Matson committed sales practice violations in January 2023. Because of this, the client allegedly sustained damages on promissory notes. Therefore, the client requested $610,000 in compensation from LPL Financial LLC or Matson. This complaint is pending a resolution.
Also, on December 19, 2022, FINRA issued Case: 2022076684401 sanctioning John Matson for infractions. Specifically, Matson was barred as a securities broker, which means he is not permitted by FINRA to work with any FINRA-member firms as a securities broker or in other capacities. Namely, FINRA alleged that Matson failed to provide information and documents to FINRA when it investigated possible FINRA rule violations.
Supposedly, the regulator investigated Matson’s recommendations of a client’s investments in promissory notes. It appears that the investigation stems from a call FINRA received from an older investor regarding the matter. That investor purportedly invested in a promissory note but did not receive the promised interest payments on it.
LPL Financial LLC disaffiliated with Matson on November 16, 2022. Allegedly, Matson engaged in unapproved investments and did not disclose this to the securities firm.
Also, on March 8, 2017, an Ameriprise Financial Services Inc. client filed a complaint about John Matson. Namely, the client alleged that Matson mismanaged investment accounts and failed to supervise certain registered representatives. Because of this, the client allegedly sustained damages on common and preferred stocks and mutual funds. Therefore, the client requested $33,685 in compensation from Ameriprise Financial Services Inc. or Matson. However, the firm denied this complaint.
Additionally, a client of LPL Financial LLC contested John Matson’s sales practices by filing FINRA Arbitration: 10-01496. Allegedly, Matson churned accounts, made unsuitable recommendations, was negligent, breached a contract, breached fiduciary duties, and failed to supervise certain registered representatives. It appears that Matson caused the client to sustain damages on options. Therefore, LPL Financial LLC opted to settle the matter on April 13, 2010, by compensating the client in the amount of $137,500.
Have you experienced damages because of John Matson? If so, contact Soreide Law Group at (888) 760-6552 and speak with a securities attorney about a possible recovery of your investment losses. Soreide Law Group, who has successfully recovered funds for many investors throughout the United States, represents investors like you on a contingency fee basis and advances all costs. Matson and those firms Matson worked for deny any and all allegations of sales practice violations.
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