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.