Broker Barred for Failure to Cooperate With FINRA Investigation
Scott Jay Matalon (CRD #4637378) is a previously registered securities broker and investment adviser. Most recently, Mr. Matalon was a representative for RBC Capital Markets, LLC (2019 to 2021). Prior to that, he served as a registered representative for Ameriprise Financial Services (2013 to 2019). FINRA lists him as a resident of Boynton Beach, Florida.
Earlier this year, FINRA announced sanctions against former RBC Capital Markets investment adviser Scott Jay Matalon. He was indefinitely barred from the securities industry for failure to cooperate with an active investigation into allegations for wrongdoing. Here, our Miami securities fraud attorney highlights the key things to know about the case.
Barred Broker: Scott Jay Matalon Formerly of RBC Capital Markets and Ameriprise
The Financial Industry Regulatory Authority (FINRA) took enforcement action against Scott Jay Matalon after he failed to cooperate with an investigation into allegations of professional misconduct. As of June 6th, 2023, the South Florida resident has been barred from associating with any FINRA member firm in any capacity. Without admitting to or denying specific allegations, Mr. Matalon consented to FINRA’s proposed penalties. Mr. Matalon is accused of violating FINRA Rule 8210. According to information obtained through FINRA’s BrokerCheck database, former broker Scott Jay Matalon “refused to provide documents and information requested by FINRA.” The regulatory body was seeking information related to a complaint filed by one of his clients.
An Overview of Two Customer Disputes Pending Against this Broker
Notably, there are two outstanding investor complaints against former RBC Capital Markets broker Scott Jay Matalon that are currently still listed as “pending” by FINRA. Here is an overview of the complaints filed by costumes:
- Investor Complaint (July 2022): The claimants allege that funds were misused. The specific client in question is now deceased and had long-term health issues of which the broker was reportedly aware. Claimants are seeking $2.5 million in damages for misuse of funds and poor investment guidance.
- Investor Complaint (May 2023): Another investor complaint was filed seeking $2.5 million in damages. Within the May 2023 complaint, the claimants allege misuse of funds, unsuitable investment recommendations, broker negligence, breach of fiduciary duty, and failure to supervise.
To be clear, the aforementioned investor complaints are allegations. At the time of publication, there has been no finding of wrongdoing by the broker or his member firm in either of these cases. Based on available information through BrokerCheck, the respondent did not provide any comment.
Set Up Your Confidential Consultation With a Miami Securities Fraud Attorney Today
At Carlson & Associates, P.A., our Florida investment fraud lawyer is standing by, ready to take action to help you get justice. If you sustained any type of losses due to broker misconduct or brokerage firm misconduct, we are here to help. Give us a call now or connect with us online for a confidential consultation. From our Miami office, our firm protects investor rights in Florida and throughout the wider region.
Source:
brokercheck.finra.org/individual/summary/4637378