Written by The White Law Group• April 2, 2019• 6:04 pm• Blog, Current Investigations, Securities Fraud Articles

Ed Matthes Broker Fraud Investigation

Financial Advisor Ed Matthes Barred after Fraud Complaints

Have you suffered losses investing with former financial advisor Ed Matthes? If so, the securities attorneys at The White Law Group may be able to help you recover your losses through FINRA Arbitration.

According to the Milwaukee Journal Sentinel on March 29, 2019, Ed Matthes, a former financial advisor, has reportedly been barred from practicing after the Oconomowoc Police Department received a dozen complaints alleging fraud against Matthes.

According to Oconomowoc Police Department, the investigation has been turned over to the Federal Bureau of Investigation, according to the article.

A statement from Mutual of Omaha stated it had terminated their affiliation with Matthes.

“We discovered that Mr. Matthes may have misappropriated clients’ deposits and provided false account statements to his clients,” the statement read. “Mutual of Omaha has alerted several law enforcement agencies and is fully supportive of investigative efforts. Mutual of Omaha is committed to our policyholders, and we are proactively working with impacted customers.”

According to his FINRA BrokerCheck report, Matthes was a registered representative with Mutual of Omaha Investor Services in Oconomowoc, WI from April 2012 through March 2019 when he was allegedly discharged “for creating fictitious account statements and diverting customer funds for his own personal use.”

Matthes has a total of 7 disclosure events listed on his broker report, including 3 customer disputes, one other employment separation in 2006 from MML Investor Services, and 2 regulatory events. Allegations include unsuitable sales of variable annuities, among others.

Failure to Supervise

The White Law Group is investigating potential claims involving Ed Matthes and the liability his former employers may have for failure to properly supervise him.

Under FINRA rules and regulations, Broker-Dealers are responsible for supervising the actions of those advisors registered with their firm, and therefore may be held liable for the actions of their Broker(s).

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including Wisconsin. Our attorneys have recovered millions of dollars from many brokerage firms in the past.