Former Mutual of Omaha Investor Services, Inc. financial advisor, Edward Earl Mattes (Mattes), recently settled allegations with the Financial Industry Regulatory Authority (FINRA) following an enforcement action. FINRA investigated Mattes’ alleged misappropriation of funds from his insurance clients. As a consequence of Mattes’ failure to cooperate with FINRA’s investigation, FINRA permanently barred him from the financial industry.
Mattes (FINRA CRD No. 2788055) entered the financial industry in 1996 as a general securities representative. Mattes worked for various firms during his career, including but not limited to, AAL Capital Management Corporation; MML Investors Services, Inc.; and Thrivent Investment Management Inc. During the relevant time period, Mattes worked for Mutual of Omaha Investor Services, Inc. (“Mutual”). Mattes’ FINRA BrokerCheck Report reveals about 15 customer complaints and multiple regulatory investigations as of today. Mattes is no longer associated with any FINRA-member; however, he remains subject to FINRA’s jurisdiction.
FINRA’s Department of Enforcement initiated an investigation into Mattes’ alleged misconduct. FINRA specifically investigated whether Mattes stole over $1 million from his insurance clients, and created fictitious investments and account forms in violation of FINRA rules. FINRA sent Mattes a request to provide on the record testimony pursuant to FINRA Rule 8210. According to FINRA, Mattes failed to cooperate with the investigation in any discernable manner.
Based upon the foregoing alleged misconduct, FINRA asserted Mattes violated FINRA Rules 2010 and 8210. Specifically, FINRA Rule 8210 authorizes FINRA, in the course of its investigations, to require persons associated with a FINRA member to “provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation...” Here, Mattes failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210.
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