Following Mattson’s termination from Ameriprise, he worked for L.M. Kohn & Company located in Troy, Michigan, from July 2014 to December 2014. Mattson is no longer associated with any FINRA-member; however, he remains subject to FINRA’s jurisdiction and disciplinary power.
FINRA’s Department of Enforcement investigated Mattson and alleged he provided financial planning services to seven customers from March 2013 to December 2013. Mattson received $6,150 in compensation for his services; notwithstanding the fact Ameriprise had procedures in place that prohibited representatives from engaging in outside business activities without prior notice and approval from the firm. According to FINRA, Mattson never disclosed these outside business services to Ameriprise.
Based upon the foregoing misconduct, FINRA alleges Mattson violated FINRA Rules 2010 and 3270. Specifically, FINRA Rule 3270 provides that “no registered person may...be compensated… from any other person as a result of any business activity outside the scope of the relationship with his or her member firm, unless he or she has provided prior written notice to the member…” Outside business transactions and selling away are prohibited activities because they serve to undercut the supervisory system implemented by FINRA-member firms and FINRA itself to protect the investing public.
Lufrano Law, LLC is a national securities litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. If you lost money investing with Mattson while he was employed by Ameriprise, you may be able to recover your losses through FINRA arbitration. Our firm only receives a fee if you recover money. Please contact one of our attorneys at (800) 627-2179 to schedule a free consultation.