Matthew John Westfall (Matt Westfall) Suspended from Securities Industry and Fired by National Planning Corporation – Goodman & Nekvasil P.A., May Recover Investor Losses
Goodman & Nekvasil P.A., May Recover Investor Losses - Matthew John Westfall (Matt Westfall) Suspended from Securities Industry and Fired by National Planning Corporation
Matt Westfall was licensed with National Planning Corporation from 2010 to 2012. Matt Westfall was subsequently licensed with Primex. According to FINRA’s records, Matt Westfall was fired by National Planning Corporation on December 17, 2012. National Planning Corporation reported to FINRA that Matt Westfall was accused of soliciting an investment and accepted funds in connection with an investment not offered by the firm.
Following Matt Westfall’s firing by National Planning Corporation, FINRA investigated Matt Westfall and brought a disciplinary action against Matt Westfall. Matt Westfall consented to a 2 year suspension from the securities and investment banking industry and a $25,000 fine. Matt Westfall also consented to findings that Matt Westfall engaged in business activities outside the scope of Matt Westfall’s employment with Matt Westfall’s firm. FINRA reports that Matt Westfall solicited and accepted funds from firm customers to purchase Iraqi Dinar (Dinar) currency as an investment. FINRA reports that Matt Westfall purchased the Dinars through a personal account that Matt Westfall had with an online company that sold Dinars. Following the Dinar purchases, FINRA reports that Matt Westfall sold the dinars to the firm customers without requesting or obtaining firm approval to engage in this outside business activity.
FINRA reports that Matt Westfall provided false answers on firm questionnaires when Matt Westfall answered that Matt Westfall had disclosed all of business activities, knowing that Matt Westfall had participated in an outside business activity of selling dinars to firm customers. According to FINRA, Matt Westfall’s employer had internal guidelines that limited the amounts customers were permitted to invest in illiquid investments such as non-traded Real Estate Investment Trusts (REITS). FINRA reports that Matt Westfall circumvented the Firm’s guidelines by submitting documents that falsified and exaggerated the net worth for firm customers, which in turn permitted investments in amounts that the firm would have otherwise prohibited for the affected customers. FINRA reports that Matt Westfall caused the firm’s books and records to be inaccurate by submitting documents in which Matt Westfall knowingly falsified customers’ net worth.
FINRA reports that two complaints and/or arbitration claims were filed involving Matt Westfall’s conduct with prior employers, alleging unsuitability, fraudulent misrepresentations and omission in violation of federal securities law, and/or negligent misrepresentations in violation of FINRA rule 2010 and Nebraska State Law. These two complaints and/or arbitration claims were both settled, with the largest settling for $175,000.
If you lost any money on investments with Matt Westfall, you may be able to recover your losses from National Planning Corporation and/or Primex. This is because National Planning Corporation and Primex had a duty to supervise Matt Westfall.
If you lost money on investments with Matt Westfall, and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against National Planning Corporation and/or Primex concerning Matt Westfall’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $300 million on behalf of victimized investors. If you lost money on investments with Matt Westfall and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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