There are options for clients who suffered investment losses due to recommendations by former RBC Capital Markets, LLC broker Scott Matalon (CRD# 4637378). He was registered with RBC Capital Markets, LLC in Jericho, New York, from 2019 to 2021 and previously with Ameriprise Financial Services, Inc. in New York, New York, from 2013 to 2019.
In June 2023, FINRA barred him after he “consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with its investigation of allegations made in a statement of claim filed against his member firm by one his clients.”
Scott Matalon Customer Complaints
He has been the subject of two customer complaints in 2023, according to his CRD report:
November 2023. “Claimants contend that their financial advisor made unsuitable investment recommendations from August 2019 to July 2021.” The customer is seeking $1,500,000 in damages, and the case is currently pending. The complaint was regarding IPOS and structured products, and it took place while he was registered with RBC Capital Markets, LLC.
May 2023. “Claimants allege an advisor formerly associated with Respondent allowed a now deceased client to make withdrawals from accounts owned solely or jointly by the client and allowed the client to surrender his insurance policy despite the advisor being aware of the client’s alleged health issues. Claimants further allege the former advisor recommended an accountant to Claimants who the former advisor then colluded with to convert funds from the Claimants. In addition, Claimants allege the former advisor charged excessive fees, made unsuitable investment recommendations and failed to notify them regarding activity on their accounts. Claimants’ causes of action are negligence, misrepresentation, failure to supervise, conspiracy to convert funds, breach of fiduciary duty, and unsuitability. Claimants allege compensatory damages of $2.5M, punitive damages, interest, fees and costs.” The customer is seeking $2,500,000 in damages, and the case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, RBC Capital Markets, LLC may be liable for investment or other losses suffered by Scott Matalon’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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