According to FINRA, Patrick Stanton Matlock was named a respondent in a FINRA complaint alleging he misrepresented material facts to obtain an EIDL. The complaint alleges Matlock falsely represented seeking a loan for a sole proprietorship that had earned $120,000 in revenue and had one employee. The business did not exist when he submitted the application. Matlock reaffirmed these false representations when executing the loan agreement to secure a $59,000 loan. One week after signing, he used substantial loan proceeds to purchase energy company stock in his personal account, not for the stated COVID-19 economic injury purpose. The complaint also alleges Matlock formed an LLC to provide remodeling services without providing notice to his firm. Additionally, the complaint alleges Matlock failed to provide bank statements material to FINRA's investigation into whether the purported business had any revenue and whether he received compensation from his undisclosed remodeling business. These are allegations only; no findings have been made.