Cheshire Man Admits Stealing $600K From Elderly Client: Feds

CHESHIRE, CT — A Cheshire man who worked as an investment adviser has pleaded guilty to a federal charge in connection with stealing more than $600,000 from an elderly client, according to officials.

Matthew O. Clason, 39, waived his right to be indicted and pleaded guilty Wednesday to one count of wire fraud related to his misappropriation of more than $600,000 from an investment client, Acting U.S. States Attorney for Connecticut Leonard C. Boyle announced.

According to court documents and statements made in court, Clason was an investment adviser and a registered representative of Lincoln Financial Advisors Corporation, and then LPL Financial LLC.

Beginning around 2015, Clason provided investment services to a 73-year-old New Britain resident.

“The victim had at least five investments accounts with Clason and, in January 2018, Clason and the victim opened a joint bank account,” officials wrote in a news release. “From 2018 to August 2020, Clason transferred more than $668,000 from the victim’s investment accounts into the joint bank account and, without the victim’s knowledge or authorization, withdrew more than $621,000 in cash from the bank account for his personal use. Clason also transferred $5,000 directly from the joint bank account to his personal bank account, and made two transfers from the joint bank account to pay his personal credit card.”

Clason faces up to 20 years in prison when he sentenced on Aug. 5. He is released on bond pending sentencing.

The Justice Department has established a National Elder Fraud Hotline to provide services to seniors who may be victims of financial fraud. The Hotline is staffed by experienced case managers who can provide personalized support to callers. Case managers assist callers with reporting the suspected fraud to relevant agencies and by providing resources and referrals to other appropriate services as needed.

When applicable, case managers will complete a complaint form with the Federal Bureau of Investigation Internet Crime Complaint Center (IC3) for Internet-facilitated crimes and submit a consumer complaint to the Federal Trade Commission on behalf of the caller. The Hotline’s toll-free number is 833-FRAUD-11 (833-372-8311).

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