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Ex-LPL Rep Pleads Guilty to Stealing More Than $600K From Retired Client

What You Need to Know
A former LPL broker faces a maximum of 20 years in prison after pleading guilty to wire fraud.
He transferred funds from his 73-year-old client s investment accounts to a joint bank account and withdrew most of it for his own use.
The SEC had also filed a complaint against the ex-broker, who FINRA barred from the industry last year.
The ex-LPL Financial broker who the Securities and Exchange Commission had said stole hundreds of thousands of dollars from a retired 73-year-old client by liquidating securities in her investment accounts and transferring the proceeds to a bank account held jointly with the client has now pleaded guilty to one count of wire fraud. ....

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

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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. ....

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