Matthew Clason, an investment advisor in Cheshire, Conn., is being charged by the SEC with stealing more than $300,000 from a retiree client who considered him "a good friend."
Beginning in December 2018, Clason, who worked for LPL Financial at the time, stole the money from the 73-year-old client, who did not drive and has other health conditions, according to an SEC complaint.
Clason, who sometimes ran errands for and drove the client to appointments, meeting up to five times a week, would convert the client’s securities to cash, transfer it to a joint bank account that Clason used to handle investment affairs and pay the client’s monthly expenses. However, Clason also started withdrawing money from the joint bank account without notifying the client nor using it for investment purposes.
LPL fired Clason on Aug. 19 when the independent broker/dealer became aware of his misconduct. A spokesperson for the firm said LPL is cooperating with regulators and law enforcement on their investigations.
The SEC alleges that Clason violated antifraud regulations. The SEC seeks a freeze on Clason’s assets in addition to an injunctive relief, disgorgement, prejudgment interest and civil penalties.
Clason could not be reached for comment.