Matthew O. Clason, Wire Fraud, Connecticut 2021

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Matthew O. Clason, 39, Admits to Stealing Over $600,000 from Elderly Client

Grimy Times has learned that Matthew O. Clason, a 39-year-old Cheshire resident, has pleaded guilty to one count of wire fraud related to his misappropriation of more than $600,000 from an elderly investment client.

Clason, an investment advisor and a registered representative of Lincoln Financial Advisors Corporation and LPL Financial LLC, began providing investment services to the 73-year-old victim in approximately 2015. He opened a joint bank account with the victim in January 2018, which he used to steal funds from the victim’s investment accounts.

Between 2018 and August 2020, Clason transferred more than $668,000 from the victim’s investment accounts into the joint bank account and withdrew over $621,000 in cash for his personal use. He also made two transfers from the joint bank account to pay his personal credit card and transferred $5,000 directly to his personal bank account.

The Federal Bureau of Investigation is leading the investigation into Clason’s crimes, and Assistant U.S. Attorney Heather L. Cherry is prosecuting the case.

Clason is currently released on bond pending sentencing, which is scheduled for August 5, 2021. He faces a maximum term of imprisonment of 20 years.

The Justice Department has established a National Elder Fraud Hotline to provide services to seniors who may be victims of financial fraud. The Hotline’s toll-free number is 833-FRAUD-11 (833-372-8311).

Rule 6 of the Federal Rules of Criminal Procedure requires that a defendant who waives indictment must be advised of the nature of the charges and the maximum possible penalty. Clason was advised of these rights and waived indictment before pleading guilty.