FINRA barred former OneAmerica Securities, Inc. broker and investment adviser Matthew John Davis of Murietta, California for failing to cooperate with a FINRA investigation into several allegations of misconduct, including conversion, misrepresentation, forgery, unauthorized trading, attempting to settle a complaint away from the firm and unsuitable recommendations.
The investigation states that while associated with OneAmerica Securities as a General Securities Representative and Investment Company Products/Variable Contracts Representative, Davis engaged in the seven aforementioned instances of illicit conduct and failed to appear for on-the-record testimony as requested by FINRA, informing FINRA staff that he would not appear at any future date either.
According to his FINRA BrokerCheck, Davis previously engaged in arbitration for previous customer complaints, including allegations of unsuitable recommendations that resulted in higher risk exposures, and ultimately, market losses. The complaint also accused Davis of churning, misrepresentation, fraud and other unauthorized activities, alleging damages of $500,000. A FINRA arbitration panel ordered compensation in the amount of $325,000.
A separate complaint for unsuitable trading strategy, unauthorized trading and failure to follow customer instructions netted compensation of $125,000 while a third dispute claimed that Davis made an unauthorized withdrawal from the customer's brokerage account in the amount of $51,800. That complaint was settled in December 2013 for the full amount, $51,800.
All misconduct in the aforementioned complaints concern a relevant period from 2010 through 2013, when Davis was employed by OneAmerica Securities.
If you have invested with Matthew John Davis or with any broker, financial adviser or firm whose unsuitable recommendations, misleading or false representations, forgery, fraud, conversion or other instances of unauthorized transaction activity has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.