Did you lose money with Matthew Davis, formerly of OneAmerica Securities? If so, please call Stoltmann Law Offices at 312-332-4200 to speak to an attorney about your legal options. We sue former financial advisors like Matthew Davis and their former firms in the Financial Industry Regulatory Authority (FINRA) arbitration process to help retail investors recover their financial losses. Their former firms can be held liable for these losses, as they had a duty to supervise their employees at the time they were employed with them. We are based in Chicago, Illinois and the call is free with no obligation.
FINRA barred Matthew Davis over allegations of misconduct in more than one customer account. The misconduct allegations included conversion, misrepresentation of customer holdings and account value, forgery, discretionary unauthorized trading, attempts to settle a customer complaint without the firm’s knowledge, and unsuitable investment recommendations. FINRA alleged that OneAmerica, Davis’ former firm, failed to supervise him properly when Davis rapidly traded options in a married couple’s customer account. The couple was not prepared financially for the risk that the trading involved, nor did they have knowledge of it. Davis executed 55 options transactions in May 2012, 52 options transactions in June 2012 and 53 options transactions in July 2012. The couple had minimal investing experience, and wanted their money to be in long-term growth stocks. Davis was also accused of rapidly trading recently purchased shares in the couple’s account and of having multiple expired options contracts that could not be explained. FINRA fined OneAmerica $75,000 because of their negligence in this matter.
Matthew Davis was a registered representative with 1st Discount Brokerage Inc. in Sun City, California, from February 2005 until November 2008, Beneficial Investment Services Inc., also in Sun City, from November 2008 until April 2010, and OneAmerica Securities in Corona, California from April 2010 until July 2013. He has five customer disputes against him, none of which are pending. FINRA permanently barred him from the industry and from acting as a broker or associating with firms that sell securities to the public.