Broker Ed Matthes Barred by FINRATuesday, May 14, 2019
Former registered representative, Edward (Ed) Matthes, recently consented to a bar from associating with any member firm of the Financial Industry Regulatory Authority (FINRA) to resolve allegations of violating securities industry rules.
Matthes has been registered as a general securities representative with five FINRA member firms since obtaining his license in 1996. Most recently, he was associated with Thrivent Investment Management Inc. (June 2006 to February 2012) and Mutual of Omaha Investor Services, Inc. (Mutual of Omaha; April 2012 to March 2019), both located in Oconomowoc, Wisconsin. According to his FINRA BrokerCheck report, Matthes was discharged from Mutual of Omaha for “creating fictitious account statements and diverting customer funds for his own personal use.” Matthes has several pending customer disputes aligning with this discharge statement.
According to the Letter of Acceptance, Waiver and Consent (AWC), FINRA Department of Enforcement began investing Matthes on March 7, 2019 based on an external tip. The Department of Enforcement sent a request to Matthes for documents and information pursuant to FINRA Rule 8210, a rule that requires registered representatives and any other person subject to FINRA’s jurisdiction to provide information during a FINRA investigation. Through his counsel, Matthes acknowledged that he received FINRA’s requests and would not produce documents or information, thus violating FINRA Rules 8210 and 2010.
By signing the AWC, Matthes consented, without admitting or denying the allegations made against him by FINRA, to a bar from associating with any FINRA member firm in any capacity.
Many times, brokerage firms can be held liable if they failed to supervise a broker who committed misconduct while registered at their firm. If you lost money due while investing under Edward Matthes and you suspect wrongdoing, you may be able to recover from him or his brokerage firm, Mutual of Omaha Investor Services, Inc. Call us (1-877-410-8172) for a free, no obligation consultation. Since 1998 we have been fighting for victims of broker misconduct and investment fraud.