Advisor Matthew Clason was sentenced to 30 months in prison after pleading guilty to defrauding an elderly client of more than $600,000, according to the DOJ.
Fired rep admits stealing $600,000 from elderly client
The broker, Matthew Clason, transferred more than $668,000 from the victim’s investment accounts into a joint bank account and then took most of it, according to the Department of Justice. He faces up to 20 years in prison.
May 13, 2021
A former LPL Financial and Lincoln Financial Advisors Corp. broker on Wednesday pleaded guilty to one count of wire fraud in federal court in Hartford, Conn., stemming from his theft of $600,000 from a senior citizen client.
The broker, Matthew O. Clason, 39, was registered with Lincoln Financial Advisors until 2016, when he moved his registration to LPL. According to the Department of Justice, starting in 2015, Clason provided investment services to a 73-year-old Connecticut resident. The client had at least five investments accounts with Clason and, in January 2018, Clason and the victim opened a joint bank account.
What You Need to Know
A former LPL broker faces a maximum of 20 years in prison after pleading guilty to wire fraud.
He transferred funds from his 73-year-old client s investment accounts to a joint bank account and withdrew most of it for his own use.
The SEC had also filed a complaint against the ex-broker, who FINRA barred from the industry last year.
The ex-LPL Financial broker who the Securities and Exchange Commission had said stole hundreds of thousands of dollars from a retired 73-year-old client by liquidating securities in her investment accounts and transferring the proceeds to a bank account held jointly with the client has now pleaded guilty to one count of wire fraud.