NorthStar Financial Services (Bermuda)Learn More Here. Se Habla Español.

Ex-LPL Financial Broker Matthew Clason Pleads Guilty To Defrauding Elderly Investor of $600K

Barred Connecticut Financial Advisor Faces Pleads Guilty to Wire Fraud

Matthew O. Clason, a former LPL Financial broker, has pleaded guilty to wire transfer fraud related to his misappropriation of $600K from a 73-year-old Connecticut retiree. Now he could be sentenced to up to 20 years behind bars. The theft is from when Clason worked with the senior investor as a registered representative with LPL Financial and before that with Lincoln Financial Advisors. 

The Financial Industry Regulatory Authority (FINRA) barred Clason in September 2020 right after the Securities and Exchange Commission (SEC) filed parallel charges against him. The brokerage firm had fired Clason the month before, as did Integrated Wealth Concepts where he was a registered investment adviser.  

Our elder financial fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represent investors who have suffered investment losses because of the negligent or fraudulent actions of an LPL Financial advisor or any other broker. Call (800) 259-9010 today if you would like to explore your legal options.

Fund Transfer Was Unauthorized: LPL Broker Used Money for Personal Expenses

According to the US Department of Justice, Clason transferred $680K of the retiree’s funds to a joint bank account they shared without letting the investor know or getting their permission. He then took out over $621K in cash for his own use and another $10K to pay his credit card bill.

Matthew Clason’s BrokerCheck record notes two customer disputes on his record, including:

  • November 2020:  Clason is accused of converting the claimant’s monies between 2015 and 2020. A $1M settlement was reached. 
  • October 2020: Alleging unsuitability and misrepresentations related to an investment strategy, the customer claim was settled for almost $13K.

Clason not only exploited the close relationship that he had with the investor in question but also breached his fiduciary duty to his client when he misappropriated hundreds of thousands of dollars. With 16 years in the industry, Matthew Clason also used to be an American General Securities broker earlier in his career.

Elder Financial Abuse Lawyers

SSEK Law Firm represents retirees and seniors in their broker fraud claims against the firms and registered financial advisors who caused their investment losses. Losing money in any financial scam is always devastating, but the consequences can be even more catastrophic if the victim is an older investor who is no longer earning an income and has lost their retirement savings.

Call SSEK Law Firm today at (800) 259 9010 if you suffered losses while working with former LPL Financial broker, Matthew Clason or any other registered representative.

Contact Information