Walnut Creek, CA | January 13, 2026
California financial advisor Matthew Parker (CRD# 6010373) was discharged from LPL Financial LLC on September 8, 2025, following allegations that he liquidated a variable annuity and used the proceeds to fund a separate annuity purchase for a senior investor. The termination, reported by both the firm and Parker himself, raises significant concerns about the suitability of variable annuity transactions and the protection of elderly investors from potentially harmful investment practices.
According to FINRA BrokerCheck records, Parker had been with LPL Financial for just over two years—from July 2023 until his termination in September 2025. He is now registered with Wedbush Securities Inc. in Walnut Creek, California, where he began working as Senior Vice President of Investments in October 2025, approximately one month after his discharge from LPL.
BrokerCheck Snapshot
Name: Matthew Parker
CRD #: 6010373
Firm: Wedbush Securities Inc.
Location: Walnut Creek, CA
Years in Industry: 13
Number of Disclosures: 1
The Allegations: Annuity Replacement for Senior Investor
The termination disclosure describes conduct that allegedly occurred while Parker was registered with LPL Financial. According to both the firm’s report and Parker’s own disclosure, he “liquidated an annuity and used the proceeds to fund a separate annuity purchase for a senior investor.”
This type of transaction—commonly known as an “annuity replacement” or “annuity exchange”—can be problematic for several reasons, particularly when it involves elderly investors who may be vulnerable to unsuitable investment recommendations.
Product Type: Variable Annuity
Termination Date: September 8, 2025
Allegation Status: Final (Employment Termination)
Why Annuity Replacements Can Harm Investors
Variable annuities are complex insurance products that combine investment features with insurance benefits. They often come with:
- High surrender charges – Early withdrawal penalties that can last 7-10 years or longer
- Substantial commissions – Brokers can earn 5-8% or more in commissions
- Multiple layers of fees – Management fees, mortality and expense charges, administrative fees, and underlying fund expenses
- Tax consequences – Liquidating an annuity can trigger ordinary income tax on gains
When a broker liquidates one annuity to purchase another—especially for a senior investor—it can result in:
- New surrender charge periods – Restarting the clock on surrender penalties
- Lost benefits – Forfeiting valuable riders or guaranteed features from the original annuity
- Unnecessary fees and commissions – Generating new commissions without meaningful benefit to the investor
- Tax liability – Potential tax consequences from the liquidation
- Reduced death benefits – Lower payout to beneficiaries due to fees and charges
This practice, sometimes called “twisting” or “churning,” is heavily scrutinized by regulators, particularly when it involves vulnerable populations like senior investors.
Senior Investor Protections Under Securities Law
The allegation specifically notes that the transaction involved a “senior investor”—a detail that carries significant legal weight. Financial regulators and state insurance departments have implemented enhanced protections for elderly investors, recognizing their particular vulnerability to unsuitable investment practices.
Under FINRA rules and many state insurance regulations:
- Brokers must have reasonable grounds to believe an annuity replacement is suitable
- Enhanced documentation is required for seniors
- Suitability analysis must consider the investor’s age, investment timeline, and ability to weather long surrender charge periods
- Firms have heightened supervision obligations for transactions involving elderly clients
California, where Parker was registered, has particularly strong elder financial abuse protections. The state’s Welfare and Institutions Code Section 15610.30 defines financial abuse of an elder as taking or appropriating their property for wrongful use or with intent to defraud—a definition that can encompass unsuitable annuity replacements motivated by commission generation.
The Pattern: Quick Move to New Firm
A notable aspect of Parker’s disclosure history is the rapid transition from termination to new employment. He was discharged from LPL Financial on September 8, 2025, and registered with Wedbush Securities Inc. just over one month later on October 15, 2025.
While there’s nothing inherently improper about changing firms after termination, investors should be aware that:
- The termination remains on his permanent FINRA record
- The allegations that led to his discharge are publicly disclosed
- New firms are required to review a broker’s disclosure history before hiring
- Supervision and oversight at the new firm become particularly important
This transition pattern raises important questions about due diligence, disclosure to new clients, and the adequacy of supervisory systems designed to prevent similar conduct.
Matthew Parker’s Career Background
According to FINRA records, Matthew Parker has been in the securities industry since 2012. His career trajectory shows movement through several major financial institutions:
Current Firm:
- Wedbush Securities Inc. (October 2025 – Present) – SVP, Investments in Walnut Creek, CA
Previous Firms:
- LPL Financial LLC (July 2023 – September 2025) – Dublin, CA – Terminated
- BancWest Investment Services, Inc. (May 2019 – July 2023) – Walnut Creek, CA
- Bank of the West (May 2019 – July 2023) – Wealth Financial Advisor
- Merrill Lynch, Pierce, Fenner & Smith (May 2016 – February 2019) – Martinez, CA
- Bank of America, N.A. (May 2016 – February 2019) – Concord, CA
- VALIC Financial Advisors, Inc. (September 2013 – May 2016) – Emeryville, CA
- Waddell & Reed, Inc. (June 2012 – August 2013) – Fresno, CA
Securities Licenses:
- General Securities Representative Examination (Series 7) – passed June 2012
- Securities Industry Essentials Examination (SIE) – passed October 2018
- Uniform Combined State Law Examination (Series 66) – passed October 2012
Parker is currently licensed in 11 U.S. states: Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Nevada, South Carolina, and Washington.
Red Flags in Variable Annuity Transactions
The allegations against Parker highlight several warning signs that investors—particularly seniors—should watch for when dealing with variable annuities:
1. Unsolicited Annuity Replacement Recommendations
If your broker suggests replacing an existing annuity, ask detailed questions:
- What specific benefits will I gain?
- What am I giving up from my current annuity?
- What are the surrender charges on my existing annuity?
- What new surrender charges will I face?
- How will this affect my beneficiaries?
2. High-Pressure Sales Tactics
Annuity replacements should never be rushed. Legitimate replacements require careful analysis and comparison. Be wary of brokers who:
- Push for quick decisions
- Minimize the importance of surrender charges
- Dismiss concerns about fees and expenses
- Emphasize commission-generating features over investor benefit
3. Incomplete Disclosure
Brokers must provide complete information about:
- All costs and fees associated with both annuities
- Tax consequences of the exchange
- Loss of benefits or guarantees
- Alternative options, including keeping the existing annuity
4. Focus on New Features Instead of Net Benefit
Just because a new annuity has additional features doesn’t mean it’s suitable. The question isn’t whether the new product has benefits—it’s whether those benefits justify the costs of making the switch.
5. Targeting of Senior Investors
Annuity replacements are particularly problematic for seniors who:
- May not live long enough to recoup surrender charges
- Need liquidity for healthcare or living expenses
- Cannot afford to tie up assets in long surrender charge periods
- May have cognitive decline that affects their ability to evaluate complex products
Can You Recover Losses from Variable Annuity Misconduct?
If you suffered losses due to unsuitable variable annuity transactions, unnecessary annuity replacements, or elder financial abuse, you may be entitled to recover your losses through FINRA arbitration.
Variable annuity replacements are often unsuitable for:
- Senior investors with limited life expectancy
- Investors who need access to their funds
- Those who already have adequate insurance coverage
- Investors whose existing annuity has valuable benefits or low expenses
- Anyone for whom the costs of replacement exceed the benefits
Patil Law, P.C. represents investors nationwide who have been harmed by variable annuity fraud, unsuitable investment recommendations, and elder financial abuse. We have over 15 years of experience in securities law and have recovered more than $25 million for clients across 1,000+ cases.
About FINRA Arbitration
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months. Claims generally must be filed within six years of the incident.
For investors who have been harmed by broker misconduct, FINRA arbitration provides:
- A forum specifically designed for securities disputes
- Arbitrators with securities industry expertise
- Lower costs than traditional litigation
- Faster resolution than court proceedings
- The ability to recover losses, interest, and attorney’s fees
Our Experience with Variable Annuity Cases
Variable annuity cases require attorneys who understand both the legal standards governing suitability and the complex mechanics of annuity products. Attorney Chetan Patil and our legal team—including attorneys Gabriela Dubrocq and Patricia Herrera—focus exclusively on investor protection and securities law.
We handle cases involving:
- Unsuitable variable annuity recommendations
- Annuity replacements and exchanges (1035 exchanges)
- Elder financial abuse
- Excessive fees and commissions
- Failure to disclose surrender charges
- Breach of fiduciary duty
- Churning and twisting
We work on a contingency fee basis, meaning you pay no attorney fees unless we recover money for you. Your consultation is completely free and confidential.
Time Limits Apply
Securities claims must generally be filed within six years under FINRA rules. If you invested in variable annuities with Matthew Parker, or if you experienced similar issues with another financial professional, time may be running out to protect your rights.
The six-year limitation period can be complex—sometimes running from the date of the transaction, sometimes from the date you discovered (or should have discovered) the harm. Don’t let uncertainty about deadlines prevent you from seeking legal guidance.
Related Brokers and Firms
If you’ve had concerns with advisors at similar firms or experienced comparable issues, you may want to review:
- LPL Financial Advisors – Complaints & Disclosures
- Variable Annuity Fraud Claims
- Elder Financial Abuse
- Unsuitable Investment Claims
- Failure to Supervise
Frequently Asked Questions
What is the complaint against Matthew Parker?
Matthew Parker was discharged from LPL Financial LLC on September 8, 2025, following allegations that he liquidated a variable annuity and used the proceeds to fund a separate annuity purchase for a senior investor. The termination was reported by both the firm and Parker himself and remains on his permanent FINRA record.
Can investors recover losses involving variable annuities?
Yes. Investors who suffered losses due to unsuitable variable annuity transactions, unnecessary annuity replacements, or elder financial abuse may be entitled to recover their losses through FINRA arbitration. Recovery can include the amount lost, interest, and in some cases, attorney’s fees and punitive damages.
What is FINRA arbitration?
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months, and claims generally must be filed within six years of the incident.
What does “unsuitable investment” mean?
An unsuitable investment is one that doesn’t align with an investor’s financial situation, investment objectives, risk tolerance, time horizon, or liquidity needs. For variable annuities, unsuitability often involves recommending products with long surrender periods to elderly investors who need liquidity, or replacing existing annuities when the costs exceed any benefit to the investor.
How do I look up a broker on BrokerCheck?
Visit FINRA’s BrokerCheck website at brokercheck.finra.org and search by the broker’s name or CRD number. BrokerCheck provides free access to employment history, registrations, qualifications, and disclosure events including customer complaints, regulatory actions, and employment terminations.
What should I do if I suspect broker misconduct?
First, gather all documentation related to your investments, including account statements, confirmation slips, and communications with your broker. File a complaint with your brokerage firm’s compliance department. Then, consult with a securities attorney who can evaluate whether you have grounds for a FINRA arbitration claim. Time limits apply, so don’t delay seeking legal guidance.
About Patil Law, P.C.
Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery.
With over 15 years of combined experience in securities law, Patil Law has successfully recovered more than $25 million for clients across 1,000+ cases. Attorney Chetan Patil earned his law degree from Case Western Reserve University School of Law. Attorneys Gabriela Dubrocq and Patricia Herrera earned their law degrees from University of Miami. The firm handles cases nationwide involving unauthorized trading, churning, unsuitable investments, breach of fiduciary duty, and failure to supervise.
Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential.
Contact Patil Law Today
If you lost money in variable annuity transactions with Matthew Parker, experienced an unsuitable annuity replacement, or have concerns about elder financial abuse, contact us today for a free, confidential consultation.
Call: 800-950-6553
Email: info@patillaw.com
Website: investmentlosslawyer.com
There is no cost and no obligation. We’re here to help.
Disclaimer: The information in this article is based on FINRA BrokerCheck records and public filings. The allegations described involve an employment termination and may be contested. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.
