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Ex-LPL Broker Who Stole $600k from Client Gets Banned By SEC

Matthew O. Clason, formerly a broker at LPL Financial, has been banned by the SEC for stealing more than $600,000 from a retired, 73-year-old client. So reports Think Advisor.

LPLClason, who pleased guilty to wire fraud back in May, liquidated the client’s investment accounts and transferred the money to a bank account he held jointly with the client.

Clason sent the SEC and Offer of Settlement and the agency accepted it. He is barred from “associating with any broker, dealer, investment advisor, municipal securities dealer, municipal advisor, transfer agent or nationally recognized statistical rating organization,” according to the article. He’s also banned from “participating in any offering of a penny stock.” FINRA banned him last September.

Read the full article from Think Advisor.

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