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Stockbroker Matthew Bell Has 33 Complaints

Matthew BellPublic records provided by the Financial Industry Regulatory Authority (FINRA) on February 26, 2016 indicate that former Texas-based Securities America broker Matthew Bell is the subject of more than thirty customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Bell (CRD# 3091864).

Matthew Bell has spent fourteen years in the securities industry and was most recently registered with Securities America in San Antonio, Texas (2013); WFG Investments in San Antonio, Texas (2009-2013); Raymond James & Associates in San Antonio, Texas (2003-2009); Prudential Securities in New York, New York (2001-2003); and Kercheville & Company in San Antonio, Texas (1998-2001). He is currently not registered with any state or firm.

According to his BrokerCheck report, Matthew Bell is the subject of 33 customer complaints.

  • In February 2015 a customer alleged Matthew Bell, while employed at WFG Investments, recommended unsuitable investments and misrepresented material facts. The complaint settled in December 2015 for $112,000.
  • In February 2015 a customer alleged Matthew Bell, while employed at WFG Investments, recommended unsuitable over-the-counter equities. The complaint settled in December 2015 for $112,000.
  • In 2014 a customer alleged Matthew Bell, while employed at WFG Investments, breached his fiduciary duty and made unsuitable investment recommendations. The complaint settled in December 2015 for $1,054,000.
  • In 2014 a customer alleged Matthew Bell, while employed at WFG Investments, recommended unsuitable penny stocks. The customer settled in February 2016 for $45,000.
  • In 2014 a customer alleged Matthew Bell, while employed at WFG Investments and Securities America, made unsuitable recommendations involving penny stocks, private placements, and exchange traded funds. The complaint settled in 2015 for $10,000.
  • In 2014 the Securities and Exchange Commission (SEC) sanctioned Matthew Bell following allegations he was participated in a group of securities professionals who “pocketed millions of dollars running an elaborate pump-and-dump scheme involving shares of a medical education company in Pennsylvania and two other microcap stocks.” According to the SEC’s complaint, Mr. Bell “teamed up” with “a corrupt company executive” and others “to inflate the price of the company’s stock and profit at the expense of the broker’s customers.” The individuals “improperly flooded the market” with 3 million restricted shares of a stock “as though they were unrestricted,” and “engaged in a promotional campaign to hype the stock with the company CEO issuing materially misleading company press releases that were sometimes edited by the firm CEO.” Mr. Bell and another broker “each made in excess of $500,000” after they sold their shares in the alleged pump-and-dump scheme. The SEC’s action remains pending.

If you have complaints regarding or have lost money investing with Matthew Bell, 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.