Matthew R Logan – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).
If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.
Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with Matthew R Logan.
BrokerComplaints.com is currently investigating allegations related to Matthew R Logan. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.
About Matthew Logan
Matthew R Logan is an Investment Adviser. Matthew R Logan’s Central Registration Depository (CRD) number is 5366984 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/5366984.
Click here to download a Detailed Audit Report for Matthew R Logan.
Matthew R Logan has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.
Accusations and Disclosures
You can find below, a quick snapshot of Matthew R Logan’s regulatory actions, arbitrations, and complaints.
DISCLOSURE 1 –
- Event Date: 10/7/2020
- Disclosure Type: Regulatory
- Resolution: On Appeal |FDA Docket:2019063570502
- AAO Docket: 2019063570502
- Initiated By: FINRA
- Allegations: Logan was named a respondent in a FINRA complaint alleging that he cheated on his FINRA Regulatory Element continuing education exam by directing his assistant to complete the exam on his behalf by using his logon credentials. The complaint alleges that Logan also directed his assistant to complete three other continuing education exams on his behalf. When Logan’s firm confronted him with evidence of his test cheating, Logan lied to the firm by denying that he cheated or that his assistant took these exams on his behalf.
- Resolution: Pending Appeal |Sanctions: Bar (Permanent) |Registration Capacities Affected: All capacities
- Duration: Indefinite
- Start Date: 6/2/2022
- Regulator Statement: Hearing Panel decision rendered June 29, 2021 wherein Logan is barred from association with any FINRA member in all capacities. Logan shall also pay the hearing costs of $2,466.10. The sanctions are based on findings that Logan cheated on non-FINRA continuing education courses by using an impostor to take the courses for him. The findings stated that Logan was required to complete an ethics continuing education course created by his member firm. Logan instructed an assistant to take the course for him. The assistant did so by logging onto the firm’s online training portal using Logan’s credentials. Logan did not complete the course at any time. Logan also instructed the assistant to complete for him several anti-money laundering continuing education courses provided by the Life Insurance and Market Research Association (LIMRA Training). The assistant took the LIMRA Training for Logan by logging onto LIMRA’s online testing portal using Logan’s credentials. Logan himself did not complete the LIMRA Training at any time. In addition, Logan erroneously believed he had to complete a continuing education course titled HTK Processing Checks and Securities Training (HTK Training), due to his being copied on one or more emails about the HTK Training from the firm’s licensing director. Logan forwarded the email to the assistant, with the intent that the assistant should complete the training on his behalf. The assistant took the HTK Training by logging onto the firm’s web-based learning resource center using Logan’s credentials. Logan himself did not take the HTK Training at any time. The findings also stated that Logan cheated on his FINRA regulatory element training by using an impostor to take the training for him. Logan had to complete the regulatory element through online delivery. Logan received an email reminder from the firm’s compliance department. Logan forwarded the email to the assistant with the expectation that she would take the regulatory element on his behalf. Logan admits he understood that he could not instruct someone else to log onto FINRA’s website and take the regulatory element for him. The assistant completed Logan’s regulatory element, logging onto FINRA’s online continuing education system and impersonating Logan by using his login credentials. Logan received a certificate of completion of the regulatory element, and the assistant provided the certificate to the firm’s operations department. Logan admits this was so the firm would have proof that he had taken the regulatory element himself and this was a lie he told the firm. The findings also included that Logan falsely denied his cheating to the firm. In a routine email review, the supervision department of the firm discovered emails showing the assistant had taken Logan’s regulatory element. A review of the assistant’s computer activity confirmed she had been on FINRA’s online continuing education system for a great deal of time, which was consistent with her taking the regulatory element. Logan falsely denied that the assistant had taken the regulatory element for him and indicated that he had completed it. On July 8, 2021, Logan appealed the decision to the NAC. The sanction is not in effect pending the review. NAC decision rendered June 2, 2022 wherein the findings made are affirmed and the sanctions imposed by the Hearing Panel are affirmed. On June 29, 2022, Logan appealed the decision to the SEC. The bar is in effect pending the review.
DISCLOSURE 2 –
- Event Date: 1/9/2019
- Disclosure Type: Employment Separation After Allegations
- Firm Name: HORNOR, TOWNSEND & KENT
- Termination Type: Discharged
- Allegations: Registered Representative instructed a subordinate to complete his required regulatory element and other continuing education requirements.
According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.
FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.
Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.
- EQUITY SERVICES, INC. (CRD#: 265) :: 5/28/2019 – 8/21/2019 :: MONTPELIER, VT
- HORNOR, TOWNSEND & KENT, INC. (CRD#: 4031) :: 8/6/2013 – 1/9/2019 :: QUINCY, MA
- HORNOR, TOWNSEND & KENT, INC. (CRD#: 4031) :: 10/29/2010 – 3/15/2012 :: BOSTON, MA
- ONEAMERICA SECURITIES, INC. (CRD#: 4173) :: 4/30/2010 – 9/30/2010 :: BRAINTREE, MA
- METLIFE SECURITIES INC. (CRD#: 14251) :: 7/27/2007 – 1/15/2010 :: HINGHAM, MA
The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.
Legit or Not?
Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including Matthew R Logan, but not limited to) can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.
Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.
There are 10 major types of complaints we receive against Investment Brokers –
- Outright Theft (Conversion of Funds)
- Unauthorized Trading
- Misrepresentation or Omission of Material Facts
- Excessive Trading (Churning)
- Lack of Diversification
- Unsuitable Investment Recommendations
- Failure to Disclose a Personal Conflict of Interest
- Front Running of Transactions
- Breakpoint Sale Violations
- Negligent Portfolio Management
Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet.
How to Protect Yourself
We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.
Here are 5 signs that your broker needs to be reported –
- Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
- Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
- Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
- Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
- Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
- Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.
Report Matthew Logan
In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.
Matthew R Logan – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.
Click here to go to FINRA’s Online Complaint Form →
This form will ask you for specific information related to your complaint. Be prepared by gathering the following:
- Name and symbol for the investment product in question.
- The CRD number (5366984) for the broker – Matthew R Logan
- Your complete contact information.
Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint. Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.