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Former Mutual Of Omaha Financial Advisor, Edward Matthes, Was Barred By FINRA And Also Has Twelve Pending Customer Complaints

Edward Matthes was a Financial Advisor at Mutual of Omaha Investor Services, Inc. in Oconomowoc, Wisconsin.  Edward Matthes entered the securities industry in 1996 and previously worked at Thrivent Investment Management and MML Investors Services.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Edward Matthes has a long history of employment terminations, regulatory sanctions and customer complaints, arising from alleged sales practice misconduct.  In March 2019, Mutual of Omaha Investor Services terminated Edward Matthes for “creationg fictitious account statements and diverting customer funds for his own personal use.”  In 2006, Edward Matthes “voluntarily resigned” from MML Investor Services during an investigation initiated by the State of Missouri regarding the sale of variable annuity products. 

In March 2019, following a litany of customer complaints, FINRA sanctioned Edward Matthes, barring him from the securities industry after he afiled to cooperate with FINRA during its investigation into whether Edward Matthes stole money from clients.  This is the same alleged misconduct which led to his termination by Mutual of Omaha. 

For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2019061857901%20Edward%20Earl%20Matthes%20CRD%202788055%20AWC%20jm.pdf

In addition, Edward Matthes has twelve pending customer complaints, alleging sales practice misconduct.  Among the customer complaints include: 

  • April 2019—”The client alleged that the representative misappropriated funds by diverting assets into his own bank account. The client provided documentation including a copy of a check deposited into the representative’s bank account and a fictitious account statement.”  Alleged damages are $86,000 and the matter remains pending.
  • April 2019—”The clients allege that due to the representative’s actions, their only source of income is from social security and they do not have funds for any costly expenses. The clients provided documentation that the representative created fictitious account statements and diverted funds into his own bank account.”  The alleged damages are $232,000 and the matter remains pending.
  • March 2019—”The client alleged that funds he intended to place with Mutual of Omaha were not invested. The client provided documentation including copies checks written directly to the representative that were deposited into the representative’s personal bank account.”  The alleged damages are $100,000 and the matter remains pending. 
  • March 2019—”The clients alleged that the representative misappropriated funds by diverting assets into his own bank account. The clients provided documentation including copies of checks deposited into the representative’s bank account and fictitious account statements.”  The alleged damages are $175,000 and the matter remains pending. 
  • March 2019—”The clients alleged that the representative misappropriated funds by diverting assets into his own bank account. The clients provided documentation including copies of checks deposited into the representative’s bank account and fictitious account statements.”  The alleged damages are $170,000 and the matter remains pending.
  • March 2019—”The clients alleged that the representative misappropriated funds by diverting assets into his own bank account. The clients provided documentation including copies of checks deposited into the representative’s bank account and copies of fictitious account statements.”  The alleged damages are $512,000 and the matter remains pending. 

 For a copy of Edward Matthes’ CRD, click https://brokercheck.finra.org/individual/summary/2788055#disclosuresSection.

It has also been reported that Edward Matthes is now the subject of an FBI investigation into the allegations that he created false account statements. 

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.

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