The Securities and Exchange Commission has filed an emergency action charging hybrid adviser Matthew O. Clason of Cheshire, Connecticut, with stealing hundreds of thousands of dollars from an advisory client.
In its action, the SEC seeks an asset freeze, permanent injunctive relief and disgorgement plus prejudgment interest and civil penalties.
The SEC alleges that beginning in February 2019, Clason stole more than $300,000 from a retired 73-year-old advisory client. According to the complaint, Clason liquidated securities in the client’s accounts, transferring the proceeds of the sales to a bank account he held jointly with the client for investment purposes and to facilitate the payment of miscellaneous monthly expenses. Clason withdrew cash from the account on numerous occasions and at different bank locations.
The complaint alleges that the client did not know of or approve the withdrawals and did not receive the cash that Clason withdrew.
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