Matthew Carry Devlin Audit (2023) – A Scam or Legit Broker?

Matthew Carry Devlin  – 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 Carry Devlin.

BrokerComplaints.com is currently investigating allegations related to Matthew Carry Devlin. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.

About Matthew Devlin

Matthew Carry Devlin is an Investment Adviser. Matthew Carry Devlin’s Central Registration Depository (CRD) number is 2977781 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/2977781.

Click here to download a Detailed Audit Report for Matthew Carry Devlin.

Matthew Carry Devlin 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 Carry Devlin’s regulatory actions, arbitrations, and complaints.

DISCLOSURE 1 – 

• Event Date: 5/6/2013
• Disclosure Type: Regulatory
• Disclosure Resolution: Final
• Disclosure Detail :: DocketNumberFDA:
• Initiated By: UNITED STATES SECURITIES AND EXCHANGE COMMISSION
• Allegations: SEC ADMIN RELEASE 34-69514, IA RELEASE 40-3602, MAY 6, 2013: THE SECURITIES AND EXCHANGE COMMISSION (COMMISSION) DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST THAT PUBLIC ADMINISTRATIVE PROCEEDINGS BE, AND HEREBY ARE, INSTITUTED PURSUANT TO SECTION 15(B) OF THE SECURITIES EXCHANGE ACT OF 1934 (EXCHANGE ACT) AND SECTION 203(F) OF THE INVESTMENT ADVISERS ACT OF 1940 (ADVISERS ACT) AGAINST MATTHEW C. DEVLIN ( ESPONDENT OR DEVLIN). ON OCTOBER 19, 2012, A JUDGMENT WAS ENTERED BY CONSENT AGAINST DEVLIN, PERMANENTLY ENJOINING HIM FROM FUTURE VIOLATIONS OF SECTIONS 10(B) AND 14(E) OF THE EXCHANGE ACT [15 U.S.C. u00a7u00a7 78J(B) AND 78N(E) AND EXCHANGE ACT RULES 10B-5 AND 14E-3 [17 C.F.R. u00a7 240.10B-5 AND 240.14E-3 IN THE CIVIL ACTION ENTITLED SECURITIES AND EXCHANGE COMMISSION V. DEVLIN, ET AL., CIVIL ACTION NUMBER 08-CV-11001, IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. ON DECEMBER 16, 2008, DEVLIN PLED GUILTY TO FOUR COUNTS OF CONSPIRACY TO COMMIT SECURITIES FRAUD IN VIOLATION OF TITLE 18 UNITED STATES CODE, SECTION 371 AND ONE COUNT OF SECURITIES FRAUD IN VIOLATION OF TITLE 15, UNITED STATES CODE, SECTIONS 78FF AND 78J(B) BEFORE THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, IN UNITED STATES V. DEVLIN, 08 CR 01307 (WHP). ON MARCH 23, 2012, A JUDGMENT IN THE CRIMINAL CASE WAS ENTERED AGAINST DEVLIN. HE WAS SENTENCED TO THREE YEARS OF PROBATION AND ORDERED TO PAY A FINE OF $10,000 AND A SPECIAL ASSESSMENT OF $500 AND TO FORFEIT $23,000 OF PROCEEDS TRACEABLE TO THE COMMISSION OF THE OFFENSES.
• Resolution: Order
• Sanction Details :: Sanctions: Bar (Permanent)
• Sanction Details :: Registration Capacities Affected: ANY CAPACITY
• Duration: Indefinite
• Start Date: 5/6/2013

DISCLOSURE 2 – 

• Event Date: 12/18/2008
• Disclosure Type: Civil
• Disclosure Resolution: Final
• Disclosure Detail :: Initiated By: UNITED STATES SECURITIES AND EXCHANGE COMMISSION
• Allegations: SEC LITIGATION RELEASE 20831, DECEMBER 18, 2008: SECTIONS 10(B) AND 14(E) OF THE SECURITIES EXCHANGE ACT OF 1934 AND EXCHANGE ACT RULES 10B-5 AND 14E-3 – THE COMMISSION’S COMPLAINT ALLEGES THAT FROM AT LEAST MARCH 2004 THROUGH JULY 2008, MATTHEW DEVLIN, THEN A REGISTERED REPRESENTATIVE AT A MEMBER FIRM, TRADED ON AND TIPPED AT LEAST FOUR OF HIS CLIENTS AND FRIENDS WITH INSIDE INFORMATION ABOUT 13 IMPENDING CORPORATE TRANSACTIONS. SOME OF DEVLIN’S CLIENTS AND FRIENDS, THREE OF WHOM WORKED IN THE SECURITIES OR LEGAL PROFESSIONS, TIPPED OTHERS WHO ALSO TRADED IN THE SECURITIES. THE COMPLAINT ALLEGES THAT THE ILLICIT TRADING YIELDED OVER $4.8 MILLION IN PROFITS. ALTHOUGH MANY OF THE DEFENDANTS HAD ACCOUNTS WITH THE FIRM, THEY OFTEN ATTEMPTED TO AVOID DETECTION BY TRADING IN THE SECURITIES OF THE TARGET COMPANIES IN NUMEROUS ACCOUNTS THAT WERE NOT ASSOCIATED WITH THE FIRM OR DEVLIN. TO FURTHER CONCEAL THEIR ILLICIT TRADING, AT LEAST TWO OF THE DEFENDANTS SOLD OFF SOME OF THE SHARES THEY HAD PURCHASED BASED ON INSIDE INFORMATION PRIOR TO PUBLIC ANNOUNCEMENTS OF THE DEALS. IN ADDITION, DEVLIN AND ONE OF HIS TIPPEES ARRANGED TO BUY SHARES ON DEVLIN’S BEHALF SO DEVLIN COULD PROFIT FROM THE NONPUBLIC INFORMATION BUT EVADE SCRUTINY. WHEN THIS TIPPEE’S NAME APPEARED ON A WATCH LIST, DEVLIN AND THE TIPPEE AGREED THAT DEVLIN WOULD STOP PROVIDING HIM INSIDE INFORMATION. DEVLIN MISAPPROPRIATED THE CONFIDENTIAL NONPUBLIC INFORMATION ABOUT THE CORPORATE TRANSACTIONS FROM A RELATIVE, A PARTNER IN THE NEW YORK CITY OFFICE OF AN INTERNATIONAL PUBLIC RELATIONS FIRM WORKING ON THE DEALS. BY PROVIDING INSIDE INFORMATION, DEVLIN CURRIED FAVOR WITH HIS FRIENDS AND BUSINESS ASSOCIATES AND, IN RETURN, WAS REWARDED WITH CASH AND LUXURY ITEMS. THE DEFENDANTS VARIOUSLY PURCHASED THE COMMON STOCK AND/OR OPTIONS OF SEVERAL PUBLIC COMPANIES. EACH COMPANY WAS CONFIDENTIALLY ENGAGED IN A MERGER, TENDER OFFER OR STOCK REPURCHASE.
• Resolution: Judgment Rendered
• Sanction Details :: Sanctions: Injunction

DISCLOSURE 3 – 

• Event Date: 12/16/2008
• Disclosure Type: Criminal
• Disclosure Resolution: Final Disposition
• Disclosure Detail :: Criminal Charges :: Charges: CONSPIRACY TO COMMIT SECURITIES FRAUD IN VIOLATION OF TITLE 18 UNITED STATES CODE, SECTION 371
• Disposition: Pled guilty Charges: SECURITIES FRAUD IN VIOLATION OF TITLE 15, UNITED STATES CODE, SECTIONS 78FF AND 78J(B)
• Disposition: Pled guilty

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.

Previous Associations

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.

• BARCLAYS CAPITAL INC. (CRD#: 19714) :: 9/22/2008 – 1/16/2009 :: NEW YORK, NY
• LEHMAN BROTHERS INC. (CRD#: 7506) :: 9/28/2000 – 9/22/2008 :: NEW YORK, NY
• LEHMAN BROTHERS INC. (CRD#: 7506) :: 5/17/1998 – 5/27/1999 :: NEW YORK, NY
• SANFORD C. BERNSTEIN & CO., INC. (CRD#: 1232) :: 2/19/1998 – 5/27/1998 :: NEW YORK, NY

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 Carry Devlin, 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 Devlin

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 Carry Devlin – 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 (2977781) for the broker – Matthew Carry Devlin
• 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.

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