Oconomowoc financial adviser used $1 million of clients’ money to pay off credit cards and more, document says
May 16, 2019 by Evan Frank
Ed Matthes, a former independent contractor for Mutual of Omaha who resided in Oconomowoc, has been permanently barred from obtaining a securities license, according to a cease and desist order from The Wisconsin Department of Financial Institutions (DFI).
According to the DFI, Matthes misappropriated at least $1.03 million from six insurance clients’ Pacific Life annuities from 2013 to 2018. Five of the clients are Wisconsin residents.
“Matthes instructed the clients to complete an authorization on their variable annuity contracts which would authorize him to act on their behalf over telephone or other electronic instructions regarding withdrawals,” the order stated. “Matthes included his own personal checking account information on the clients’ annuities contracts in place of the clients’ accounts. Matthes would subsequently effect withdrawals into his own personal bank account via telephone or online without the clients’ knowledge or consent.”
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