(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
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Source: Journal Sentinel
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