Ex-financial adviser sentenced to 63 months for fraud scheme
May 25, 2021
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MILWAUKEE (AP) A former financial adviser has been sentenced in Milwaukee to more than five years in federal prison for scamming $2.6 million from 27 victims, including his own parents.
According to court records, Edward Matthes, 51, persuaded family, friends and community members in Oconomowoc to invest in fictitious Mutual of Omaha accounts. Matthes put the funds into his own bank account from 2013 to 2019 and used the money for home improvements, vacations, child support and other things, prosecutors said.
Matthes pleaded guilty to three counts of wire fraud in November 2020, the Journal Sentinel reported. The U.S. Department of Justice recently announced that Matthes was sentenced to 63 months in prison.
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Milwaukee Broker Busted for $2.6 Million Fraud Scheme Edward E. Matthes pleaded guilty to wire fraud charges last year; his 27 victims included many elderly investors as well as his parents, according to the Justice Department.
A Milwaukee-based broker was sentenced to more than five years in prison after defrauding investors of about $2.6 million, the Department of Justice announced last week.
Edward E. Matthes pleaded guilty to charges of wire fraud last year. According to the DOJ, Matthes’ 27 victims included many elderly investors, as well as his own parents.
“This fraudster took advantage of some of our most vulnerable citizens,” Robert Hughes, the FBI Special Agent in Charge, said in response to the sentencing. “Most of his victims were elderly, and he spent years gaining their trust, only to wipe out a lifetime of their savings.”
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A 51-year-old Oconomowoc man has been sentenced to more than five years in federal prison for carrying out a $2.6 million investment scheme that defrauded 27 victims, including his own parents and a cognitively disabled person.
Edward Matthes, who now resides in Milwaukee, pleaded guilty to three counts of wire fraud in November 2020. On May 20, the U.S. Department of Justice announced Matthes was sentenced to 63 months in prison.
Matthes, who was a prominent member of the Oconomowoc community, solicited family, friends and community members to use his services as an independent broker-dealer for Mutual of Omaha Investor Services Inc.
According to court records, from 2013 to 2019 Matthes persuaded his clients, who were mostly elderly, to invest in fictitious Mutual of Omaha accounts, which he claimed would perform better for them. Instead, Matthes put more than $2.6 million of client funds into his own bank account and used it to pay off his credit cards, mortgage, c