Former LPL Advisor Admits to Stealing $600,000 from Elderly Client

Posted on May 17th, 2021 at 12:52 PM
Former LPL Advisor Admits to Stealing $600,000 from Elderly Client

From the Desk of Jim Eccleston at Eccleston Law LLC:

A former LPL Financial and Lincoln Financial Advisors Corp. financial advisor has pleaded guilty to one count of wire fraud stemming from his theft of $600,000 from an elderly client. The advisor, Matthew Clason, pleaded guilty in a federal court in Hartford, Connecticut. Clason provided financial planning services to a 73-year-old Connecticut-based client who had opened at least five investment accounts with Clason by 2018. 

Between 2018 and August 2020, Clason transferred nearly $668,000 from the client’s accounts to his own personal bank account, apparently without the client’s consent. According to the Department of Justice, however, Clason admitted that he withdrew at least $621,000 from the bank account for his personal use. Based on Clason’s BrokerCheck profile, LPL Financial terminated Clason last August when the charges were initially filed. Clason is scheduled for sentencing in August and faces up to 20 years in prison. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, lpl financial, theft

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