Goodman & Nekvasil P.A., May Recover Investor Losses – Matthew Clary Smith (Matthew Smith) a/k/a Matthew Clay Smith Suspended from Securities Industry and Fired by Proequities, Inc.
From 2012 until Matthew Smith’s firing in 2016, Matthew Smith was licensed with Proequities, Inc. Matthew Smith is now licensed with First Heartland Capital, Inc. According to FINRA’s records, Matthew Smith was fired by Proequities, Inc. on May 25, 2016. Proequities, Inc. reported to FINRA that Firm investigation determined that from approximately late 2012 through April 2016, Matthew Smith was responsible for having clients sign blank or undated forms and was also responsible (by either engaging in the practice or overseeing office employees who engaged in the practice) for the “whiting out” of dates on forms requiring client signatures in order to reuse the forms. Proequities, Inc. reported to FINRA that the above practices occurred in more than 40 customer accounts. Proequities, Inc. also reported to FINRA that Matthew Smith initially denied knowledge and existence of the practices but later that day admitted to knowing about them.
Subsequent to Matthew Smith’s firing by Proequities, Inc. FINRA investigated Matthew Smith and brought a disciplinary action against Matthew Smith. Matthew Smith was suspended for 3 months from the securities and investment banking industry and fined $5,000 on June 20, 2017. FINRA reports that Matthew Smith consented to the sanctions and to the entry of findings that in violation of Matthew Smith’s member firm’s written supervisory procedures (WSPs), Matthew Smith maintained approximately 122 customer-signed but otherwise blank Mutual Fund Investor Acknowledgements and Universal Switch Letters for 47 clients, to submit to Matthew Smith’s firm in connection with mutual fund exchanges. The findings stated that the pre-signed forms were completed and submitted to the firm following the execution of the transactions. According to FINRA, Matthew Smith’s actions were in violation of Proequities, Inc.’s written supervisory procedures.
If you lost any money on investments with Matthew Smith, you may be able to recover your losses from Proequities, Inc. and/or First Heartland Capital, Inc. This is because Proequities, Inc. and First Heartland Capital, Inc. had a duty to supervise Matthew Smith.
If you lost money on investments with Matthew Smith 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 Proequities, Inc. and/or First Heartland Capital, Inc. concerning Matthew Smith’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 Matthew Smith 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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