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Ex-LPL Financial Rep Pleads Guilty to Stealing from Client

By May 18, 2021Elder Fraud

Matthew O. Clason, a former investment advisor and registered representative, recently pleaded guilty to stealing over $600,000 from one of his elderly clients.

Clason previously worked at Lincoln Financial Advisors Corporation  and then later at LPL Financial LLC. The Securities and Exchange Commission filed a complaint against Clason on September 1, 2020. The Financial Industry Regulator Authority subsequently barred Clason from the industry effective September 17, 2020, as detailed in his FINRA BrokerCheck report.

According to a news release from the Department of Justice about the guilty plea:

“Beginning in approximately 2015, Clason provided investment services to a 73-year-old Connecticut resident (“the victim”).  The victim had at least five investments accounts with Clason and, in January 2018, Clason and the victim opened a joint bank account.  From 2018 to August 2020, 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 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.”

Clason’s sentencing is scheduled for August 5, and he faces a maximum term of 20 years in prison.

Fishman Haygood’s Investment Fraud Division has experience bringing claims on behalf of investors who were the victims of their investment advisors. If you believe you have suffered losses due to the advice and/or actions of your broker or investment advisor, please contact us to discuss your possible claim.

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