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LPL Financial Fires Matthew Bumstead

Sep 23, 2022 Fired Brokers

Matthew Bumstead (CRD #: 4841832), a broker formerly registered with LPL Financial, was fired from the firm, according to his BrokerCheck record, accessed on September 18, 2022. If you want to know more about his conduct as a broker, read on.

Termination from LPL Financial

On July 21, 2022, Matthew Bumstead was fired from LPL Financial after allegedly permitting account distribution to a client’s spouse without proper authorization and allegedly failing to provide accurate information to the firm regarding the circumstances surrounding distributions.

FINRA Rule 2090

FINRA Rule 2090 requires firms and brokers to use reasonable diligence to know and record essential facts about their clients.

FINRA Rule 2010

FINRA Rule 2010 requires brokers to uphold high standards of commercial honor and just and equitable principles of trade. Brokers are also required to follow their firm’s policies.

Background Information

Matthew Bumstead has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

He previously worked for the following firms:

  • LPL Financial (CRD#:6413)
  • Invest Financial Corporation (CRD#:12984)
  • InterSecurities (CRD#:16164)

Kurta Law Can Help

If you worked with Matthew Bumstead and you have concerns about your investments, please contact us today at 877-600-0098 or for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.