Securities Arbitration Lawyer Blog
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Matthew Alexander Perry (“Alex Perry”) from the securities industry. Mr. Perry was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation after Mr. Perry received a customer complaint alleging he failed to follow a customer’s stated goals and failed to disclose risks associated with options trading. Mr. Perry was associated with Stifel, Nicolaus & Company, Incorporated in Columbia, Missouri, from June 2016 until May 2019.
If you have suffered financial losses investing with Alex Perry or Stifel, Nicolaus & Company, Incorporated, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Stifel, Nicolaus & Company, Incorporated.
FINRA Letter of Acceptance, Waiver, and Consent No. 2019062348301
Alex Perry and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on June 28, 2021, after Mr. Perry refused to provide documents and information connected with FINRA’s investigation. The investigation originated after Stifel, Nicolaus & Company, Incorporated filed a Form U5 amendment disclosing a customer complaint alleging failure to follow the customer’s state goals and failure to disclose risks associated with options trading. Subsequently, Stifel, Nicolaus & Company, Incorporated filed several additional U5 amendments disclosing additional customer complaints.
Initially, Mr. Perry cooperated with FINRA’s investigation by responding to FINRA’s requests in June 2019 and March 2021 for documents and information. However, Mr. Perry ceased cooperating with FINRA in May and June 2021.
By refusing to cooperate with FINRA’s investigation, Mr. Perry violated FINRA Rules 8210 and 2010.
Financial Advisor Matthew A. Perry (CRD No. 5985300)
Alex Perry had seven years of experience in the securities industry and has been associated with two different firms:
- Stifel, Nicolaus & Company, Incorporated in Columbia, Missouri, from June 2016 until March 2019.
- Wells Fargo Advisors, LLC in Jefferson City, Missouri, from November 2011 until June 2016.
According to his BrokerCheck report, Mr. Perry has been the subject of at least three customer disputes:
- Customer Dispute (March 2020): A customer filed a written complaint with Stifel, Nicolaus & Company, Incorporated, alleging that Mr. Perry made unauthorized and unsuitable trades related to options trading. The customer alleged $77,000 in damages. Stifel, Nicolaus & Company, Incorporated settled the matter for $45,000.
- Customer Dispute (December 2019): A customer filed a written complaint with Stifel, Nicolaus & Company, Incorporated, alleging that Mr. Perry made unauthorized trades related to equities. The matter was settled for monetary compensation.
- Customer Dispute (April 2019): A customer filed a written complaint with Stifel, Nicolaus & Company, Incorporated, alleging that Mr. Perry did not follow the customer’s stated goals and did not disclose risks associated with options traded. Stifel, Nicolaus & Company, Incorporated settled the matter for $138,000.
Unauthorized trading often occurs in non-discretionary accounts, where a customer retains discretion. In non-discretionary accounts, brokers must obtain a customer’s permission every time before placing a trade.
Stifel, Nicolaus & Company, Incorporated – Supervisory Duties
Brokerage firms like Stifel, Nicolaus & Company, Incorporated must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as unauthorized trading, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you have lost money with financial advisor Alex Perry or Stifel, Nicolaus & Company, Incorporated, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your legal rights.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.