Milwaukee Broker Busted for $2.6 Million Fraud Scheme Edward E. Matthes pleaded guilty to wire fraud charges last year; his 27 victims included many elderly investors as well as his parents, according to the Justice Department. A Milwaukee-based broker was sentenced to more than five years in prison after defrauding investors of about $2.6 million, the Department of Justice announced last week. Edward E. Matthes pleaded guilty to charges of wire fraud last year. According to the DOJ, Matthes’ 27 victims included many elderly investors, as well as his own parents. “This fraudster took advantage of some of our most vulnerable citizens,” Robert Hughes, the FBI Special Agent in Charge, said in response to the sentencing. “Most of his victims were elderly, and he spent years gaining their trust, only to wipe out a lifetime of their savings.”