Scott Jay Matalon, of New York, New York, a stockbroker registered with Ameriprise Financial Services LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Matalon failed to provide information and documents to FINRA when it investigated possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2023078170101 (June 6, 2023).
FINRA’s investigation began when it examined a complaint made by one of Matalon’s customers against Ameriprise.
The AWC stated that on April 6, 2023, as part of their investigation into the allegations mentioned in the complaint, FINRA asked Matalon to provide documents and information according to FINRA Rule 8210. As confirmed in a phone conversation between Matalon’s representative and FINRA on May 16, 2023, Matalon acknowledged the request from FINRA but refused to provide the requested documents and information. The regulator found that Matalon’s refusal to comply with the investigation showed that he violated FINRA Rules 2010 and 8210.
Public Disclosure shows that Matalon is also referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $2,500,000.00 in damages based upon allegations that Matalon made unsuitable recommendations, was negligent, made misrepresentations of material fact, and made unsuitable recommendations, breached his fiduciary duties, made misrepresentations of material fact, and conspired to convert the customer’s funds. FINRA Arbitration No. 22-01619.
Matalon was registered with Ameriprise Financial Services LLC as a stockbroker between May 31, 2013, and August 16, 2019. He was registered with RBC Capital Markets LLC as a stockbroker between August 15, 2019, and August 2, 2021.
