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Former LPL Rep Receives Final Judgement for Client Theft

The United States District Court for the District of Connecticut entered a final judgment against Matthew O. Clason on November 8, 2022.

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The United States District Court for the District of Connecticut entered a final judgment against Matthew O. Clason on November 8, 2022, in a previously filed SEC case that charged Clason, a Connecticut-based investment adviser, with stealing hundreds of thousands of dollars from an advisory client.

In May 2021, The DI Wire reported that Clason pled guilty to one count of wire fraud after stealing more than $600,000 from a 73-year-old client in Connecticut.

According to BrokerCheck, Clason worked for LPL from 2016-2020, and with Lincoln Financial for nearly 10 years prior.

Clason was barred by FINRA in September 2020 for failing to cooperate with their investigation into his termination from LPL.

Clason consented to the judgment entered by the court, which imposes a permanent injunction against him, and orders him to pay disgorgement and prejudgment interest totaling $634,472. In the criminal action, Clason pleaded guilty and was sentenced on December 7, 2021 to 30 months in prison.

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