Oconomowoc based Investment Broker banned by FINRA

April 3rd, 2019 by


Edward Earl Matthes (“Ed Matthes”), an Oconomowoc based Broker and Registered Investment Advisor, has been barred by the Financial Industry Regulatory Authority (“FINRA”).  According to FINRA’s Brokercheck database, Mr. Matthes was registered with Mutual of Omaha Investor Services, Inc. (“MOIS”) at the time that FINRA barred him from the financial industry.

Edward Matthes

MOIS itself has terminated its relationship with Mr. Matthes after discovering that Mr. Matthes may have misappropriated clients deposits and provided false account statements to his clients.  According to FINRA’s Brokercheck database, MOIS discharged Mr. Matthes for “creating fictitious account statements and diverting funds for his own personal use.” If you were a customer of Mr. Matthes, you may have a claim for the funds that were lost due to his actions.

A statement from MOIS stated it had terminated their affiliation with Matthes. “We discovered that Mr. Matthes may have misappropriated clients’ deposits and provided false account statements to his clients,” the statement read.

Unfortunately, this isn’t the first time Mr. Matthes has been accused of wrongdoing.

In 2006, the Missouri Securities Department suspended Matthes for two months. Because of this, MOIS should have had heightened supervision over him. MOIS’ compliance manager informed us that there are multiple customers wrote checks to purchase securities made out to Matthes, undoubtedly at his insistence.