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MATTHEW CLASON, FORMER LPL FINANCIAL ADVISOR, ADMITS TO STEALING MORE THAN $600,000 FROM ELDERLY CLIENT

Former LPL Financial representative Matthew Clason waived his right to be indicted and pleaded guilty to one count of wire fraud related to his misappropriation of more than $600,000 from an elderly investment client, the Department of Justice announced on May 13, 2021. The SEC has accused Clason of exploiting a personal relationship and breaching his fiduciary duty to the client to perpetuate his fraud. His sentencing is scheduled for August 5, 2021, and he is currently released on bond pending sentencing. He faces a maximum term of imprisonment of 20 years. Clason was an investment advisor and a registered representative of LPL Financial from 2016 until August 2020, when Clason was fired by the advisory firm for failing to comply with firm policies concerning handling client funds. According to the SEC, Clason began his relationship with the 73-year-old Connecticut client in 2015. Clason managed five investment accounts and opened a joint bank account with the client. From 2018 to [...]

By |June 3rd, 2021|Legal Matters|
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AGITATED PITNEY BOWES CUSTOMERS COMPLAIN ABOUT OVERCHARGES, POOR CUSTOMER SERVICE

Pitney Bowes company has drawn multiple consumer complaints from customers who have cancelled their Pitney Bowes contracts only for the company to continue to charge their credit card. Pitney Bowes is a technology company based in Stanford, Connecticut which, among other services, sells and leases electronic postage meters and provides other mailing equipment and services. According to multiple online consumer complaint forums, numerous Pitney Bowes customers have attempted to cancel their Pitney Bowes service only to receive continued charges and/or have been unable to get adequate assistance when calling the company's customer service line. Complaint Board Postings Allege Continued Charges Multiple customer complaints regarding Pitney Bowes can be found on Complaint Board. Many of the complaints are substantially similar: customers complain that they made repeated attempts to cancel their Pitney Bowes contract, only to receive continued charges. Multiple customers also complained that their customer service experience with Pitney Bowes included such long hold times and so many times being transferred [...]

By |June 2nd, 2021|Legal Matters|
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JONATHAN P. MARONEY, HARBOR CITY CAPITAL CORP., CHARGED BY SEC WITH OPERATING $17.1 MILLION PONZI SCHEME

The Securities and Exchange Commission (“SEC”) announced on April 26, 2021, that it filed an emergency action and obtained an asset freeze to stop an alleged ongoing fraudulent Ponzi scheme.  The SEC claims that from 2015 to 2021, Harbor City Capital Corp. (“Harbor City”) and its founder and CEO, Jonathan P. Maroney raised more than $17.1 million from over 100 investors through unregistered, fraudulent securities offerings. The defendants originally sold the securities as promissory notes and agreements, offering investors 2%-6% in interest rates for 12-36 months. The investors were promised a full return on their investment principal. The defendants solicited money through Harbor City’s website and online marketing videos posted to YouTube and social media platforms like Facebook. The investors were told in the marketing videos that their money would be used to fund Harbor City’s lead generation business which the SEC claim describes as the process of capturing online interest in a service or product for the purpose of [...]

By |May 12th, 2021|Legal Matters|
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INTERACTIVE BROKERS AND CHARLES SCWHAB HIT WITH $4.6 MILLION ARBITRATION AWARD

An arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) has entered a $4.6 million award against Interactive Brokers and Charles Schwab in a case brought by over two dozen customers who claimed breach of contract and unsuitable investment strategies by the firms. The customers claimed that Interactive Brokers and Charles Schwab engaged in a “high frequency trading strategy in unspecified securities within [the] Claimants’ retirement accounts.” A panel of FINRA arbitrators found the firms liable and ordered Interactive Brokers to pay $2.7 million in compensatory damages and $984,356 in attorneys’ fees, plus interest, and ordered Charles Schwab to pay $606,807 in compensatory damages and $328,118, plus interest. The panel also assessed each firm with $23,100.00 of hearing session fees. The firms have appealed the award, claiming lack of responsibility for oversight of the financial advisor who made the trades at issue in the claim. The firms also claim that the arbitrators failed to consider relevant evidence and that one [...]

By |April 9th, 2021|Legal Matters|
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