Milwaukee Thrivent/Mutual of Omaha Advisor Sentenced to Jail Over Fraud Scheme

Posted on June 8th, 2021 at 1:07 PM
Milwaukee Thrivent/Mutual of Omaha Advisor Sentenced to Jail Over Fraud Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

According to the Department of Justice, a Milwaukee-based advisor was sentenced to at least five years in prison after defrauding investors of nearly $2.6 million. The Department of Justice announced that Edward Matthes has pleaded guilty to charges of wire fraud after defrauding 27 victims, including several elderly investors and his own parents. According to his BrokerCheck profile, Matthes worked in financial services for more than two decades at several firms including Thrivent Investment Managements and Mutual of Omaha Investor Services. 

Matthes began persuading clients to invest in several fictitious accounts at Mutual of Omaha Investor Services in April 2013. After persuading investors to transfer funds into the fictitious accounts, Matthes transferred the funds to his own person bank accounts of several occasions. According to the plea agreement, Matthes used the funds to pay for a new home, living expenses, vacations and vehicles. Additionally, Matthes continued to inform clients that their investments were performing well and went as far as to send out fake quarterly earnings statements. Some clients became suspicious with Matthes after they did not receive 1099 fax forms confirming the fund transfers. Matthes was fired from Mutual of Omaha Investor Services and barred from the industry by FINRA in March 2019. 

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

Tags: eccleston, eccleston law, milwaukee thrivent, mutual of omaha, suspended advisor, fraud

Return to Archive

TESTIMONIALS

Previous
Next

If you find yourself in trouble with the regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

September 20, 2023
SEC Orders Legendary Capital Founder and REIT Advisors to Pay Nearly $5 Million

Corey Maple, co-founder of non-traded REIT sponsor Legendary Capital, has agreed to a $100,000 civil penalty to settle charges brought by the Securities and Exchange Commission (SEC).

September 19, 2023
Reg BI Violations Lead to FINRA's Fine on Another Broker-Dealer

The Financial Industry Regulatory Authority (FINRA) has fined and censured broker-dealer Network 1 Financial Securities and its chief compliance officer for violating Regulation Best Interest (Reg BI).

September 18, 2023
Troubles at an Arizona Park Funded by Municipal Bonds Are a Warning to Investors

The recent financial troubles at a sports arena in Mesa, Arizona, demonstrate that not all municipal bonds are equally safe.