Matthew White Faces Regulatory Sanctions

Regulator Issues Sanctions To MassMutual Broker Matthew White

Soreide Law Group is evaluating possible investor disputes concerning Matthew Leon White (CRD#: 5365185, Little Rock, Arkansas). Evidently, the securities broker worked for securities firms Northwestern Mutual investment Services (January 2009 to June 2015) and MML Investors Services “MassMutual” (June 2015 to June 2018). Notably, he is involved in three regulatory actions resulting in disciplinary action against him. BrokerCheck also shows that MassMutual disaffiliated with White for misconduct. Here’s more.

Louisiana Department Of Insurance Orders Matthew White To Pay Fine For Nondisclosure

First of all, Matthew White agreed in June 2021 to pay Louisiana Department of Insurance a fine. This is to resolve allegations of him failing to report sanctions by other regulators. The insurance regulator determined that White violated Louisiana laws because of this. White has paid the fine and resolved this matter.

FINRA Bars White As Securities Broker For Failing To Testify In Investigation

Notably, Financial Industry Regulatory Authority (“FINRA”) barred Matthew White as securities broker in November 2019. This resolved allegations that White refused to testify about his possible outside business activities. Evidently, FINRA’s investigation focused on allegations that MML Investors Services made when it disaffiliated with him in 2018. Specifically, the securities firm claimed that it discharged White as securities broker and financial advisor for allegedly failing to disclose outside business activities.
When a securities broker is under FINRA investigation, the regulator often asks them to produce documents and information, testify, or both. Failing to comply with these requirements is often a violation of FINRA rules and can result in the securities broker’s expulsion. Here, Matthew White retained a lawyer who told FINRA in October 2019 that White would not testify about his alleged activities. White violated FINRA Rule 8210 in this respect. For this reason, FINRA now disallows White from being associated with member firms.

Arkansas Securities Department Issues Fine To Matthew White For Real Estate Business Ventures

Notably, the first regulatory sanctions against Matthew White come from Arkansas Securities Department in June 2018. The securities broker reportedly agreed to pay a $5,000 fine and take additional remedial actions. This comes after Department accused him of selling away (engaging in private securities transactions) when he worked for MML Investors Services. It appears that White organized and promoted real estate business ventures. Allegedly, some of his MML clients invested through him but away from MML.
It appears that MML approved Matthew White’s actions in 2017 because of believing that they were only outside business activities involving rental property positions.  According to the Department, these private securities transactions were uncovered when White tried to register his company, Merkai LLC (known as White McGowan), as an investment adviser firm.

Did You Sustain Damages By Investing Through Matthew White?

Did securities broker Matthew White cause you to suffer losses or damages? If so, call Soreide Law Group at (888) 760-6552 and speak with an informed and experienced securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has helped hundreds of investors across the country recover losses caused by their financial advisors and securities brokers. According to BrokerCheck, White denies all allegations of his sales practice violations.
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