MATTHEW O CLASON Sentenced For Client Theft

On the United States Department of Justice website, it stated that MATTHEW O CLASON, 40, of Cheshire, Connecticut, was sentenced December 7, 2021, by the U.S. District Judge in Hartford to 30 months of imprisonment, followed by two years of supervised release, for stealing more than $600,000 from an investment client.
According to the court documents and statements made in court, MATTHEW O CLASON was an investment advisor and a registered representative of Lincoln Financial Advisors Corporation, and then LPL Financial LLC.
The court documents state that beginning in approximately 2015, MATTHEW O CLASON provided investment services to a 73-year-old Connecticut resident.  This victim had at least five investments accounts with Clason and, in January 2018, Clason and the victim opened a joint bank account.
According to the court documents, from 2018 to August 2020, MATTHEW O CLASON transferred more than $668,000 from the victim’s investment accounts into the joint bank account and, without the victim’s knowledge or authorization, withdrew more than $621,000 in cash from the bank account for his own personal use.  Clason also transferred $5,000 directly from the joint bank account to his personal bank account, and made two transfers from the joint bank account to pay his personal credit card.
The judge ordered MATTHEW O CLASON to pay $639,580 in restitution. On May 12, 2021, Clason pleaded guilty to one count of wire fraud. Clason, who is currently released on bond, is required to report to prison on February 28, 2022.
According to FINRA’s BrokerCheck, MATTHEW O. CLASON, had been in the securities industry for 18 years and was listed with 3 firms.  Clason has 8 disclosures on his FINRA CRD report. Three of the disclosures are, “Customer Disputes.” One of the disputes dated November 10, 2020, settled for $1,000,000.00, following allegations of, “Claimant alleges Mr. Clason converted monies from Claimant at some point during the 2015-2020 time period.” Two of the disclosures are, “Employment Separation after Allegations.”
Clason’s most recent firms are listed below:
10/07/2016 - 09/11/2020  LPL FINANCIAL LLC - GLASTONBURY, CT
05/15/2007 - 10/12/2016  LINCOLN FINANCIAL ADVISORS CORPORATION - GLASTONBURY, CT
On 8/17/2021 Clason was indefinitely barred from the securities industry. The registration capacities affected are: broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO.  Also, Clason is not allowed participating in any offering of a penny stock.
If you or an elderly loved one have suffered financial losses due to the actions or recommendations of the former LPL Financial and Lincoln Financial Advisors, both of Glastonbury, Connecticut, broker/financial advisor, MATTHEW O. CLASON, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding 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 our clients nationwide before FINRA.