North Carolina Secretary of State Elaine Marshall said Mutter “utterly disregarded his fiduciary responsibility to act in his clients’ best interests. He targeted retirees – including his own father—and instead of protecting their finances he misled them, used their faith against them to gain their trust, and ultimately created a Ponzi scheme to cover up his losses with funds from new investors while converting clients’ money for his personal use.”
Mutter had worked with Schwab from 1993 to 1997 in San Francisco, according to BrokerCheck. He returned to the company in 2000 in North Carolina, after spending 13 months at Prudential Securities in New York.