The complaint noted that many of the cash withdrawals were under $10,000 and were made at different bank branches, a pattern which “suggests an effort to avoid arousing the suspicion of bank staff by splitting the cash withdrawals among multiple branches and to avoid scrutiny of the cash withdrawals as the bank is required by law to report any cash transaction over $10,000 to federal authorities.”
According to the court, from 2018 to August 2020, Clason transferred more than $668,000 from the investment accounts into the joint bank account and withdrew more than $621,000 in cash from the bank account for his personal use.
He was fired by LPL in August 2020 and barred in August 2021 by the Financial Industry Regulatory Authority. According to BrokerCheck, LPL settled a $2.5 million damages claim by the client for $1 million.
Clason began his career in 2004 with American General Securities Inc. He moved to Lincoln Financial Advisors Corporation in 2007 before joining LPL in 2016.