John Matson Investigation
April 2023- Manhattan Beach, CA
According to publicly available records, John Nicholas Matson a former broker who last worked for LPL Financial, discloses a final regulatory matter resulting in a permanent bar from the industry, a pending customer dispute and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 12/2022 FINRA permanently barred Matson from the securities industry in all capacities to resolve allegations that he refused to appear for and provide on-the-record testimony requested by FINRA in connection into a customer’s investments in promissory notes recommended by Matson. The findings stated that this matter originated from an 80 year old customer’s call to the FINRA Securities Helpline for Seniors in which the customer advised that Matson had recommended the customer to invest in a promissory note and had thereafter ceased making promised interest payments on the note.
In 1/2023, n LPL Financial customer alleged that Matson sold her two promissory notes away from the firm: one for $400,000 in January 2012 and one for $200,000 in September 2021. The first had an annual interest rate of $15%, with a guaranteed return of principal in 10 years. The second was added to the first with an interest rate of 7% for one year and a guaranteed return of principal. The customer seeks to have LPL return her principal, plus $10,000 in missing interest, for a total of $610,000. This case is currently pending.
In 11/2022, LPL Financial discharged Matson for participating in unapproved investments without notice to or approval from the firm. He had been with LPL Financial since 10/2017. Before that time he was with Ameriprise Financial Services, Inc. and Linsco Private Ledger.
If you have questions about an account handled by John Matson, contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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