DWARD EARL MATTHES (EDWARD MATTHES, ED MATTHES) CRD#: 2788055, formerly of MUTUAL OF OMAHA INVESTOR SERVICES, INC of OCONOMOWOC, WISCONSIN, has agreed to settle with the SEC. The former broker was accused of defrauding 26 of his mostly elderly clients, out of approximately $2.4 million between April of 2013 and March of 2019.
According to the SEC’s complaint filed in the Eastern District of Wisconsin federal court, EDWARD MATTHES agreed to settle the charges, without admitting or denying the allegations against him, by paying disgorgement, prejudgment interest, and penalties to be determined in court at a later date.
According to FINRA’s BrokerCheck, EDWARD MATTHES, was barred by the State of Wisconsin in May of 2019 following allegations that, “Respondent misappropriated over $1 million from his insurance clients, created fictitious investments and fictitious account summary forms.”
According to the SEC, EDWARD MATTHES allegedly convinced his clients to invest in a product that he said would have a 4% annual guaranteed minimum yield, but in fact, the product didn’t exist. Matthes allegedly stole $1.4 million for his own personal use from the fictitious investment, and another $1 million through unauthorized sales and withdrawals from his clients’ variable annuities, according to the SEC. Allegedly, Matthes also created phony account statements and paid out $170,000 in a Ponzi-like scheme that covered up the alleged fraud.
In March of 2019, FINRA barred EDWARD MATTHES. Without admitting or denying the findings, Matthes consented to the sanction and to the entry of findings that he failed to provide documents and information requested by FINRA in connection with an investigation that FINRA initiated based on an external tip.
According to FINRA’s BrokerCheck, EDWARD MATTHES, has 23 Disclosures on his CRD report. Of the 23 Disclosures, 15 are Customer Disputes. The significance of Matthes’ FINRA customer complaints, rank him in the top one-hundredth percent of all registered representatives for customer complaints. It also states on Matthes’ BrokerCheck report that in March of 2019, “The FBI is investigating alleged misappropriation of funds by Matthes.”
EDWARD MATTHES was registered in the securities industry for 20 years and was listed with 5 firms, the most recent listed below:
4/11/2012 – 03/25/2019 MUTUAL OF OMAHA INVETOR 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 the alleged fraud of former MUTUAL OF OMAHA INVETOR SERVICES, INC of OCONOMOWOC, WI, broker EDWARD MATTHES, contact Soreide Law Group and speak to an experienced securities lawyer at no cost to you regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationally before FINRA on a contingency fee basis.