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Our law firm is investigating potential claims on behalf of customers who did business with Matthew D. Hutcheson. Last week, Hutcheson was indicted on federal charges that he used retirement plan funds for home renovations and to buy an interest in a ski and golf resort. He was indicted on 17 counts of wire fraud and 14 counts of theft. Mr. Hutcheson has pleaded not guilty.
Mr. Hutcheson once hosted a popular radio show titled “The Retirement Hour with Matt Hutcheson.” He also wrote an investment course called “Retirement Plan Management: Compliance, Reporting and Ethics.”
According to the U.S. Attorney’s Office in Boise, Idaho, Mr. Hutcheson was a fiduciary and trustee to a trio of multiple employer plans: the National Retirement Security Plan 401(k), the G Fiduciary Retirement Income Security Plan, and the Retirement Security Plan & Trust.
It has been reported that in 2010, Mr. Hutcheson allegedly directed the record keeper of the G Fiduciary Plan to send a total of $2,031,688 via 12 wire transfers from the plan’s account, which was kept at Charles Schwab, to various accounts that were controlled by Hutcheson or were set up for his personal use.
Federal authorities also allege that in 2010, Mr. Hutcheson created an entity called Green Valley Holdings which he utilized to acquire a ski lodge and a golf course at the Tamarack Resort in Idaho. He allegedly funneled $3 million in plan assets out of the Retirement Security Plan & Trust to help buy an interest in Tamarack, according to the complaint. Federal authorities have sought to recover about $5.3 million from Mr. Hutcheson.
If you invested with Matthew Hutcheson and sustained losses, a securities arbitration claim or lawsuit may help you recover your losses. Contact our law firm for a free consultation and to explore your legal options.