On November 25, 2020, a former broker from Mutual of Omaha Investor Services (MOIS) in Oconomowoc, Wisconsin, 50 year-old, EDWARD EARL MATTHES (EDWARD MATTHES) CRD#: 2788055, was issued with a three-count information by the US Attorney’s office, charging him with wire fraud in violation of Title 18, United States Code, Section 1343. EDWARD MATTHES has entered into an agreement to plead guilty to the charges.
According to an article in the Shore News Network, a written plea agreement filed in the case, stated that EDWARD MATTHES, previously employed as an independent investment broker for Mutual of Omaha Investor Services, Inc. (MOIS), allegedly devised and executed a scheme to defraud his clients and to obtain money by means of false and fraudulent pretenses and representations.
According to reports, EDWARD MATTHES allegedly persuaded his clients to transfer investment funds from their existing accounts to a new Mutual of Omaha Investor Services account, claiming it would perform better. But according to the article, instead of opening new MOIS accounts for his clients, Matthes allegedly deposited their money into his own personal bank accounts and then used his clients’ funds for his own personal use. EDWARD MATTHES allegedly convinced his clients that their investments were performing well by sending false MOIS account statements and by phoning and meeting with clients to discuss their investments. According to the plea agreement, EDWARD MATTHES fraudulently obtained more than $2.6 million dollars from at least 23 clients, many of whom are elderly.
Matthes faces a maximum penalty of 20 years in prison for each count, plus a maximum fine of $250,000, and up to three years of supervised release following a prison term. Also, EDWARD MATTHES pursuant to the plea agreement, agreed to a 13-year debarment, which he will be prohibited from participating in, or having decision-making authority over, any employee benefit plan.
According to FINRA’s BrokerCheck, EDWARD MATTHES, has been barred both by FINRA and the SEC from acting as a broker or investment adviser or otherwise associating with firms that sell securities or provide investment advice to the public. Matthes has 24 Disclosures on his FINRA CRD report, 14 are Customer Disputes. He was terminated from Mutual of Omaha Investor Services in March of 2019 following allegations, “The representative was discharged for creating fictitious account statements and diverting customer funds for his own personal use.” Matthes was registered in the securities industry for 20 years and was listed most recently with these firms:
04/11/2012 – 03/25/2019 MUTUAL OF OMAHA INVESTOR SERVICES, INC. – OCONOMOWOC, WI
06/09/2006 – 02/21/2012 THRIVENT INVESTMENT MANAGEMENT INC. – OCONOMOWOC, WI
If you or an elderly family member have fallen victim to this $2.6 million Ponzi-like scheme allegedly perpetrated by EDWARD MATTHES, formerly of Mutual of Omaha Investor Services (MOIS) in Oconomowoc, Wisconsin, contact an experienced securities lawyer at Soreide Law Group at no cost to discuss the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and represents clients nationwide before FINRA.