Matthew O. Clason, a now-barred registered investment advisor, was sentenced yesterday to 30 months in prison, followed by two years of supervised released, for stealing more than $600,000 from an elderly client, the U.S. Attorney’s Office in the District of Connecticut said in a release.
Clason, a resident of Cheshire, Conn., pleaded guilty to the charges in May. He could not be reached by press time.
In 2015, he was providing investment services to a 73-year-old client when he was a registered broker working for Lincoln Financial Advisors, court documents said. He moved from Lincoln Financial to LPL Financial in 2016, according to BrokerCheck.
In 2018, he opened a joint bank account with the client and over the next year and a half transferred more than $668,000 into that account without the client’s knowledge, then withdrew more than $621,000 in cash for personal use, the release stated.
When LPL learned of his activity in August 2020, Clason was fired, and the company settled a $2.5 million claim of damages by the client for $1 million, according to BrokerCheck.
As part of his sentencing, Clason was ordered to pay $639,580 in restitution. He will report to prison on Februar 28, 2022, the release said.