UPDATE (May 16, 2019) – Former Mutual of Omaha broker Ed Matthes has been barred by the Wisconsin Department of Financial Institutions. He is no longer eligible to obtain a securities license in the state. Matthes was barred by the Financial Industry Regulatory Authority (FINRA) in March of 2019 after refusing to provide information relevant to an ongoing investigation into alleged theft of client funds.
The securities fraud attorneys at the Sonn Law Group are investigating Ed Matthes, and we want to hear from his past clients. If you’ve ever invested money with Mr. Matthes, please tell us about your experience. Contact us today.
Lost money investing with Ed Matthes? We want to hear from you.
(March 22, 2019) – A decision by FINRA regulators barred advisor Ed Matthes from practicing as a broker or associating with any brokerage firms.
Matthes refused to provide information to FINRA in an ongoing investigation of the broker’s dealings. He worked with Mutual of Omaha out of Wisconsin as an independent contractor.
According to Ron Buerger, Oconomowoc Police Director of Public Safety, the department took close to a dozen calls of complaints alleging fraud against Matthes. The local department has even forwarded the investigation to the FBI.
Mutual of Omaha discovered Matthes diverted client money for his personal use. He then sent false account statements to his customers to cover his illegal activity. The company also alerted law enforcement officials of the broker’s illegal behavior. Omaha severed connections with Matthes on March 12 following the allegations.
On March 13, Matthes also resigned his position as president of the Downtown Oconomowoc Business Association. Matthes has worked as a broker in the financial industry for more than 20 years. He does not admit or deny the allegations but consented to the bar and entry of findings.
BROKER FRAUD IS ILLEGAL
At Sonn Law Group, we are committed to fighting for the rights of investors nationwide. If you have lost money as a result of broker misconduct and fraud, do not hesitate to contact our legal team for free legal guidance.
Source: Journal Sentinel
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