Matthew David Albers of Vienna Virginia a stockbroker formerly registered with Paulson Investment Company LLC has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that trades were placed by Albers in customer accounts without authorization. Letter of Acceptance Waiver and Consent No. 2018056269001 (Aug. 1, 2019).
According to the AWC, from May of 2017 to May of 2018, sixteen trades had been placed by Albers in the accounts of sixteen customers without Albers either having written authorization from the customers or having spoken with customers on days in which trades were effected in their accounts. The AWC stated that the authorization to effect trades in customer accounts had not been requested or procured by Albers to warrant his actions.
Moreover, FINRA stated that in December of 2017, Albers was administered a compliance questionnaire by the firm which called upon him to report whether he exercised discretion in customer accounts. Albers evidently confirmed that he possessed no authorization on any customer accounts to effect trades on a discretionary basis. FINRA found Albers’ conduct violative of FINRA Rules 2010 and NASD Rule 2510(b).
FINRA Pubic Disclosure reveals that a customer initiated investment related complaint involving Albers’ conduct has been resolved for $50,000.00 in damages based upon accusations that false or misleading statements and omissions were made; and unsuitable direct participation program or limited participation interests had been sold to the customer. FINRA Arbitration No. 14-01516 (Sept. 8, 2015).
Albers has been registered with Paulson Investment Company LLC since December 8, 2015. Since August 18, 2004, Albers has been associated with ten different securities broker dealers, seven of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
