Did you lose money investing with Patrick Matlock (CRD# 5760255)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Patrick Matlock. If you suffered losses investing with Patrick Matlock, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of April 15, 2023, Patrick Matlock’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
1 Regulatory Event
1 Employment Separation After Allegations
January 30, 2023 – An OHO decision became final in which Matlock was barred from association with any FINRA member in all capacities. The sanction was based on findings that Matlock misrepresented material facts on a loan application and loan agreement he submitted to the Small Business Administration to obtain an Economic Injury Disaster Loan (EIDL). The findings stated that Matlock falsely represented that he sought a loan for a sole proprietorship in New Jersey he had established in 2013, that the proprietorship had generated gross revenue of $120,000 in a 12- month period ending January 31, 2020, and that it had one employee. However, the proprietorship did not exist at the time of the loan application. Matlock reaffirmed the truth and accuracy of his representations when he executed the loan agreement necessary for a $59,000 EIDL loan. In addition, Matlock falsely stated in the loan agreement that he would use the proceeds exclusively to alleviate economic injury caused by the COVID-19 pandemic. But Matlock did not use the loan proceeds for his purported business. Instead, he used the proceeds to purchase shares of common stock in an energy company. The findings also stated that Matlock engaged in an OBA without providing prior written notice to his member firm. After applying for the EIDL loan, Matlock formed a limited liability company in the State of New Jersey to perform remodeling services for profit. Matlock was the sole member and manager of the company and its registered agent. The findings also included that Matlock failed to produce information and documents requested by FINRA in connection with its investigation into whether the company he had referred to in his EIDL loan application had any revenue in the year specified in his application and whether he had received compensation in connection with his undisclosed OBA. Matlock made a partial but incomplete production of requested bank statements that were material to FINRA’s investigation. (FINRA Case #2020067731001)
Current and Previous Registrations
02/04/2020 – 08/24/2020 J.P. MORGAN SECURITIES LLC (CRD#:79) STIRLING, NJ
11/01/2018 – 04/30/2019 PRUCO SECURITIES, LLC. (CRD#:5685) Basking Ridge, NJ
10/20/2015 – 07/27/2017 SCOTTRADE, INC. (CRD#:8206) OCALA, FL
12/21/2012 – 10/08/2014 FIRST COMMAND FINANCIAL PLANNING, INC. (CRD#:3641) ORLANDO, FL
04/14/2010 – 06/27/2011 MORGAN STANLEY SMITH BARNEY (CRD#:149777) MELBOURNE, FL
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Patrick Matlock and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
