Matthew Meehan, a stockbroker previously registered with E.J. Sterling, LLC, of Garden City, New York, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was suspended for 12 months and ordered to pay restitution to his customers totaling $21,813.54, plus interest. Without admitting or denying FINRA’s allegations, Matthew Meehan, of Winter Garden, Florida consented to the entry of FINRA’s findings that he engaged in quantitatively unsuitable trading in three customers’ accounts.
According to FINRA, Mr. Meehan engaged in excessive and unsuitable trading in the accounts of three customers. This unsuitable trading resulted in sustained losses to the affected accounts of $21,813.54. Further, FINRA found that Mr. Meehan exercised discretion at various times in the relevant accounts without the necessary written authorization from the customers or the approval of his member firm. Mr. Meehan was suspended from association with any FINRA member in any capacity for 12 months, assessed a deferred fine of $15,000, and ordered to pay deferred restitution to customers in the amount of $21,813.54 plus interest. The suspension is in effect from January 17, 2017 through January 16, 2018. Continue Reading