US adviser banned after $1m client funds fraud allegations

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A US-based investment adviser at the centre of a $1m client funds fraud has been permanently barred obtaining a securities license.  Ed Matthes, a former independent contractor for Mutual of Omaha who resided in Oconomowoc in the US, has been permanently barred, according to a cease and desist order from The Wisconsin Department of Financial Institutions (DFI). The order could be followed up by criminal proceedings if allegations are proven.  In March, the Oconomowoc Police Department received about a dozen complaints against Matthes alleging fraud. The investigation was turned over t...

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