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OCONOMOWOC, WI, May 17, 2019 – The Securities Arbitration Law Firm of KlaymanToskes (www.klaymantoskes.com) announces that it has commenced an investigation on behalf of investors with Mutual of Omaha Investor Services, Inc. (“Omaha”) and Edward Earl Matthes (“Matthes”) in light of recent regulatory action concerning Matthes. In May 2019, Matthes consented to the entry of findings that he failed to provide documents and information requested by FINRA in connection with an investigation. FINRA barred Matthes from the securities industry in March 2019.
According to Omaha, Matthes was discharged on or around March 12, 2019, for creating fictitious account statements and diverting customer funds for his own personal use. A check of Matthes’ FINRA BrokerCheck revealed that Matthes has a total of twelve disclosures on his report stemming from FINRA’s allegations. On March 15, 2019, the Federal Bureau of Investigation (“FBI”) initiated its investigation into Matthes for the alleged misappropriation of funds. On May 10, 2019, the Wisconsin Department of Financial Institutions issued a cease and desist order permanently barring Matthes from obtaining a securities license.
Under FINRA Rules, Omaha was obligated to properly supervise the activities of Matthes, including that he was not misappropriating his customers’ funds. Additional FINRA sales practice rules related to potential violations may include misrepresentations and omissions of material facts, conflicts of interest, and negligence.
The sole purpose of this release is to investigate the misappropriation of funds by Matthes. Current and former customers of Matthes who held accounts with Omaha and have information relating to the manner in which Matthes managed their accounts, are encouraged to contact the attorneys of KlaymanToskes at (888) 997-9956, or visit our website at www.klaymantoskes.com.