Matt Ward (also known as Matt Adeywardena and Abeywardena Ward), of Santa Monica, California, a stockbroker registered with Alliance Global Partners, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Ward engaged in unauthorized trading during the time that he was associated with Alliance Global Partners. Letter of Acceptance, Waiver, and Consent No. 2023080530501 (February 7, 2024).
According to the AWC, between December of 2020 and July of 2022, Ward engaged in discretionary trading in customers’ brokerage accounts. An example includes December 21, 2020, when Ward made about 80 discretionary trades across 25 customer accounts. The regulator stated that Ward lacked authorization for these actions, as the customers did not provide him with written authorization, and Alliance Global Partners did not approve any accounts for discretionary trading. Therefore, Ward violated FINRA Rules 2010 and 3260(b).
FINRA Public Disclosure additionally shows that on June 9, 2016, a customer initiated a FINRA securities arbitration claim about Ward’s actions while he was associated with Euro Pacific Capital Inc. The claim, settled for $25,000.00 on November 8, 2018, alleged unsuitable and unauthorized trading in stocks and over-the-counter equities, and churning of the customer’s account between January of 2010 and June of 2014. FINRA Arbitration No. 16-01513.
Ward was also the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $35,000.00 in damages based upon allegations of poor performance of mutual funds in their account at Euro Pacific Capital Inc. between 2009 and 2021. FINRA Arbitration No. 21-00879 (June 14, 2021).
Since April 4, 2012, Ward has been associated with Alliance Global Partners in Santa Monica, California, as both a stockbroker and an investment advisor representative.
