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SEC Seeks Asset Freeze Against Ex-LPL FA Charged with Stealing $300K+ 

By Alex Padalka September 2, 2020

The SEC says it has charged a Connecticut investment advisor the regulator says stole hundreds of thousands of dollars from one of his clients.

Beginning in February 2019, Matthew Clason allegedly stole more than $300,000 from his advisory client, a 73-year-old retired woman, according to a litigation release published by the regulator. 

Clason allegedly liquidated securities in the client’s accounts and moved the proceeds to a bank account he held jointly with the client “for investment purposes and to facilitate the payment of miscellaneous monthly expenses,” the SEC says. 

Clason then allegedly withdrew money from the shared account on several occasions from different bank locations, without getting the client’s approval and without the client receiving the withdrawn cash, according to the litigation release.

The SEC says the advisory firm where Clason was registered fired him on August 13 “for failing to comply with firm policies with respect to handling client fund.” The brokerage firm Clason was associated with terminated him on August 19, according to the SEC’s complaint filed on Tuesday before the U.S. District Court for the District of Connecticut. The regulator doesn’t name the firms.

Clason is listed as still being registered with investment advice firm Integrated Wealth Concepts and the broker-dealer unit of LPL Financial, both in Connecticut, according to the SEC’s Investment Adviser Public Disclosure database. He has been with both firms since October 2016 and has no discloure events on his record, according to IAPD.

The SEC is seeking an asset freeze as well as permanent injunctive relief, disgorgement plus prejudgment interest, and civil penalties, the regulator says.

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Tags:  Staffing and recruiting , Regulatory/legal issues , Portfolio management , LPL Financial

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