Former LPL Financial LLC and Integrated Wealth Concepts LLC Broker Matthew Clason Pled Guilty to Criminal Conduct

Matthew Clason

Erez Law is currently investigating former LPL Financial LLC and Integrated Wealth Concepts LLC broker Matthew Clason (CRD# 4692266) regarding fraud and criminal misconduct. Matthrew Clason was registered with LPL Financial LLC in Glastonbury, Connecticut from 2016 to 2020, when he was terminated regarding, “Maintained joint bank account with Firm customer, engaged in liquidations of securities in customer’s Firm account, transferred funds to joint bank account, and withdrew funds.” Matthew Clason was also registered with Integrated Wealth Concepts and was terminated regarding, “Investigating the scope and extent of the Representative’s activities as set forth in the Termination Explanation.”

In December 2021, he was sentenced to 30 months in prison after he pled guilty to one count of wire fraud related to his theft of $600,000 from an elderly client. Clason was ordered to pay $639,580 in restitution, according to the Department of Justice. According to the announcement, “Clason provided investment services to a 73-year-old Connecticut resident (“the victim”).  The victim had at least five investments accounts with Clason and, in January 2018, Clason and the victim opened a joint bank account.  From 2018 to August 2020, Clason transferred more than $668,000 from the victim’s investment accounts into the joint bank account and, without the victim’s knowledge or authorization, withdrew more than $621,000 in cash from the bank account for his personal use.  Clason also transferred $5,000 directly from the joint bank account to his personal bank account, and made two transfers from the joint bank account to pay his personal credit card.”

In August 2021, the Securities and Exchange Commission (SEC) barred Matthew Clason following allegations that he misappropriated hundreds of thousands of dollars from a client of the investment adviser and broker-dealer firms with which he was associated, in breach of his fiduciary duty to his client. He pled guilty to criminal conduct relating to certain matters alleged in the SEC’s complaint, namely his participation in the offering of a penny stock.

In September 2020, FINRA barred Matthew Clason after he “consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with its investigation into the allegations that formed the basis of his termination reported on a Uniform Termination Notice for Securities Industry Registration (Form U5) submitted by his member firm. The findings stated that the firm filed the Form U5 terminating Clason’s registration because he maintained a joint bank account with a firm customer, engaged in liquidations of securities in the customer’s firm account, transferred funds to a joint bank account, and withdrew funds.”

In September 2020, the SEC opened an investigation against Matthew Clason, alleging “ttheft of assets from a retired retail investor by an investment professional. From at least December 2018 to present, investment adviser Matthew O. Clason (“Clason”) stole hundreds of thousands of dollars from a client of the investment adviser and broker dealer firms with which he was associated. Clason had cultivated a personal relationship with this client and, during this period, sold securities managed on the client’s behalf to fund transfers to a joint bank account held in the names of the client and Clason. Clason then made numerous cash withdrawals from that joint bank account at multiple bank branches. Clason’s securities sales, transfer of the proceeds to the joint bank account, and numerous, large cash withdrawals from the joint account were neither known to nor approved by the client. Clason thus exploited a personal relationship with and breached his fiduciary duty to the client to perpetrate his fraud and misappropriate hundreds of thousands of dollars.”

Matthew Clason Customer Complaints

Matthew Clason has been the subject of three customer complaints between 2020 and 2021, one of which was denied, according to his CRD report:

November 2020. “Claimant alleges Mr. Clason converted monies from Claimant at some point during the 2015-2020 time period.” The customer sought $2.5 million and the case was settled for $1 million. The complaint took place while he was registered with LPL Financial LLC and Integrated Wealth Concepts LLC. 

October 2020. “Customers allege that the registered representative misrepresented overall investment strategy and recommended investments which were unsuitable. Time period of claim: June 2018 – March 1, 2021.” The customer sought $5,000 in damages and the case was settled for $12,965. The complaint was regarding fixed annuities, variable annuities, real estate investment trust (REIT), and interval funds. The complaint took place while he was registered with Lincoln Financial Advisors Corporation, LPL Financial LLC, and Integrated Wealth Concepts LLC. 

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, LPL Financial LLC and Integrated Wealth Concepts LLC may be liable for investment or other losses suffered by Matthew Clason’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.

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Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form below for a free consultation.

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