Edward Earl Matthes (also known as Ed Matthes) of Oconomowoc Wisconsin a stockbroker formerly registered with Mutual of Omaha Investor Services Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA in an investigation into accusations of his violative conduct in the securities industry. Letter of Acceptance Waiver and Consent No. 2019061857901 (Mar. 22, 2019).
On May 10, 2019, the Wisconsin Department of Financial Institutions issued a cease and desist order permanently barring Matthes from obtaining a securities license.
According to the AWC, FINRA received information in March 2019 from an external source in regard to Matthes’ activities, prompting the regulator to conduct an investigation to determine of Matthes engaged in activities which ran afoul of FINRA Rules. Apparently, on March 8, 2019, Matthes was notified by FINRA that it sought information and documentation from him under Rule 8210. Evidently, ten days later, Matthes’ counsel reached out to FINRA to confirm that Matthes would not be cooperating in FINRA’s investigation into Matthes’ activities. FINRA concluded that Matthes’ failure to hand over the information and documentation was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that ten days prior to Matthes being barred by FINRA, on March 12, 2019, Matthes was discharged by Mutual of Omaha Investors Services Inc. supported by allegations that Matthes made up fake investment account statements and misappropriated customer funds.
Matthes has also been terminated from prior brokerage firm, MML Investors Services Inc., based upon accusations that Matthes sold a Missouri Resident a variable annuity despite Matthes lacking any registration in the state; and Matthes made misrepresentations to the customer concerning the variable annuity purchased by the customer. Indeed, on March 10, 2016, Matthes was fined $7,308.00 by the State of Missouri, Office of Secretary of State Securities Division based upon allegations that Matthes inappropriately placed the near entirety of a customer’s assets into a variable annuity.
FINRA Public Disclosure also confirms that Matthes has been identified in three customer initiated investment related disputes containing accusations of his misconduct while employed with Thrivent Investment Management Inc. Particularly, on June 6, 2005, a customer filed an investment related complaint involving Matthes’ conduct in which the customer requested $9,350.00 in damages supported by allegations that misrepresentations had been made to the customer concerning a variable annuity.
Then, on December 16, 2005, a customer initiated investment related complaint concerning Matthes’ conduct was settled to resolve accusations that Matthes made omissions to the customer about the terms and conditions of a variable annuity purchased by the customer. Subsequently, on April 12, 2012, a customer initiated investment related complaint regarding Matthes’ activities was settled for $75,892.11 in damages founded on allegations that the customer was inappropriately placed in a variable annuity.
