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Ex-financial adviser sentenced to 63 months for fraud scheme

Wooden gavel on judges desk
Posted at 7:10 AM, May 25, 2021

MILWAUKEE (AP) — A former financial adviser has been sentenced in Milwaukee to more than five years in federal prison for scamming $2.6 million from 27 victims, including his own parents.

Court records say 51-year-old Edward Matthes persuaded family, friends and community members in Oconomowoc to invest in fictitious Mutual of Omaha accounts.

Matthes put the funds into his own bank account from 2013 to 2019 and used the money for home improvements, vacations, child support and other things.

Matthes pleaded guilty to three counts of wire fraud in November 2020. The U.S. Department of Justice recently announced that Matthes was sentenced to 63 months in prison.

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