Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on February 25th, 2016 indicate that former Florida-based Merrimac broker David Matthews is the subject of several regulatory sanctions and pending customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Matthews (CRD# 323097).
David Matthews has spent nineteen years in the securities industry and was most recently registered with Merrimac Corporate Securities in Deland, Florida (2003-2014). Previous registrations include Allen Douglas Securities in Winter Park, Florida; Allen Douglas Direct in Sarasota, Florida; Makefield Asset Management in Norcross, Georgia; BMA Financial Services in Kansas City, Missouri; LifeCo Securities Corporation in Orlando, Florida; SunTrust Securities in Atlanta, Georgia; and Merrill Lynch in New York, New York. He is currently not registered with any state or firm.
According to his BrokerCheck report, David Matthews is the subject of four regulatory sanctions and two pending customer complaints.
- In 2014 the Florida Office of Financial Obligation sanctioned David Matthews following allegations he was suspended by the National Association of Securities Dealers (NASD) for violating its rules. His registration was subsequently revoked.
- In 2014 FINRA sanctioned David Matthews following allegations he failed to pay fines and/or costs in a FINRA case. His FINRA registration was subsequently revoked.
- In 2013 FINRA sanctioned David Matthews following allegations he failed to implement anti-money laundering procedures related to penny stock trades at Merrimac Corporate Securities, many of which were “processed without any supervisory review.” FINRA also alleged he “failed to review dozens of forged deposit securities deposit forms and thus allowed to be processed dozens of penny stock transactions absent any supervisory review. In some instances, unsupervised penny stock deposits were made into firm accounts controlled by customers with securities-related disciplinary history.” Mr. Matthews was issued a $15,000 fine and a 3-month suspension from acting in any principal capacity.
- In 2013 a customer alleged David Matthews, while employed at Merrimac Corporate Securities, failed to supervise outside business activity. The customer is seeking $100,700 in damages in the pending complaint.
- In 2012 FINRA sanctioned David Matthews following allegations he failed, as Merrimac Securities Corporation’s Chief Compliance Officer, to reasonably supervise outside business activities and private securities transactions performed by the firm’s Chief Executive Officer’s relative and another individual. Mr. Matthews was issued a $10,000 fine and a 3-month suspension from acting in any principal capacity.
- In 2009 a customer alleged David Matthews, while employed at Merrimac Corporate Securities, failed to supervise agents. The customer is seeking $877,000 in damages in the pending complaint.
If you have complaints regarding or have lost money investing with David Matthews, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. Fitapelli Kurta takes every case on a contingency basis, which means we only get paid if and when you collect money. By law there may be a limited window to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.