Edward Earl Matthes (CRD#: 2788055) is a former registered broker and investment advisor whose last employer was Mutual Of Omaha Investor Services, Inc. (CRD#:611) of Oconomowoc, WI. His previous employers include Thrivent Investment Management Inc. (CRD#:18387), also of Oconomowoc and Minneapolis, and MML Investors Services, INC. (CRD#:10409), of Chesterfield, MO. No current employment information is available. He has been in the business since 1996.
Mutual of Omaha discharged Matthes on 3/12/2019, after allegations surfaced that he “created fictitious account statements and diverting customer funds for his own personal use.” On 3/15/2019, The FBI began an investigation into the allegations of Matthes’ misappropriation of client funds. No additional information is yet available from the FBI.
According to FINRA records FINRA initiated a separate investigation on 3/7/2019 based on an external tip, and sent Matthes a letter requesting information the next day. Matthes’ counsel spoke with a FINRA representative on 3/18/2019, and indicated that Matthes would not be complying with FINRA’s request. FINRA issued an Acceptance, Waiver & Consent (AWC) letter, stipulating that Matthes is permanently barred from any association with any FINRA broker indefinitely.
Twelve customers filed disputes or securities arbitration claims with the same allegations: Matthes took money intended for their investment accounts, deposited it in his own personal account, then created and provided falsified account statements to each customer. These claims are all currently pending.
One dispute from two or more clients indicates that due to Matthes’ actions, their only source of income is now Social Security, and they do not have monies available for additional expenses to fight for a return of their funds. They did provide documentation to prove their claims of theft.
The combined total of requested damages in these cases is $1,784,506.93. Investors frequently rely on their financial advisor or stockbroker to be their primary financial advisor, FINRA stockbrokers or their employees may be held liable for elder financial abuse or other misconduct.
Did You Invest With Edward Matthes?
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