Edward Matthes (Edward Earl Matthes CRD:# 2788055, aka “Ed Matthes”) is a former registered broker and investment advisor whose last known employer was Mutual Of Omaha Investor Services, Inc. (CRD#:611) of Oconomowoc, WI. Previous employers include Thrivent Investment Management Inc. (CRD#:18387), also of Oconomowoc, MML Investors Services, Inc. (CRD#:10409) of Chesterfield, MO, and Thrivent Investment Management Inc. (CRD#:18387) of Minneapolis, MN. He has been in the industry since 1996.
Matthes is the subject of 25 disclosures dating back to 2005. The most recent disclosures leading to charges began on 3/12/2019 after he was dismissed from Mutual of Omaha. The firm alleged that he created fictitious account statements for clients and deposited client money into his own bank accounts. The FBI began an investigation three days after Matthes’ termination, on 3/15/2019.
FINRA began an investigation on 3/7/2019 after receiving an “external tip.” After FINRA staff contacted him to discuss the investigation, Matthes refused to produce any requested documentation as requested. As of 3/22/09, FINRA barred Matthes indefinitely in all capacities from any association with FINRA members.
The State of Wisconsin followed by permanently barring Matthes from all registrations for the same allegations, effective 5/10/2019.
The Securities and Exchange Commission issued a judgment and an injunction against Matthes on 1/28/2020. As of 2/3/2020, Matthes was permanently barred from financial activity by the SEC. Matthes defrauded 26 of his clients out of $2.4M. These clients were primarily elderly, and offered “a safe investment offered by Registered Entity A that would earn a guaranteed minimum yield of 4% per year.” The injunction included sanctions of disgorgement, civil penalties, and prejudgment interest. He was also barred from any activity with penny stocks in a third SEC order.
A total of twelve Mutual of Omaha customers filed disputes against Matthes from 3/14/2019 through 4/11/19, with nearly identical allegations. Matthes misappropriated client funds and deposited them into his own bank accounts, then provided falsified account statements to the clients.
Many of these clients were elderly. All twelve provided copies of cashed checks showing Matthes’ conversion of client funds to his own. The total damages requested total $1,784,506.93, and the settlements for these claims totals $2,181,278.89.
On 11/25/2020, Matthes pleaded guilty to criminal charges of wire fraud.
Did You Invest With Edward Matthes?
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