Category Archives: Mutual of Omaha Investor Services

Edward Earl Matthes-Former Mutual of Omaha Investment Services, Inc. Broker-Barred from Securities Industry for Alleged Theft-Oconomowoc, WI

October 2020- Oconomowoc, WI

According to publicly available records, former Mutual of Omaha Investor Services, Inc.,   financial advisor Edward Earl Matthes ,  discloses 5 regulatory events, a civil event, 15 prior customer disputes, a pending FBI investigation regarding alleged misappropriations,  and 2 terminations from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In January 2020,  the United States Securities and Exchange Commission  permanently barred Matthes from the securities industry to resolve allegations that he defrauded 26 customers out of approximately $2.4 million by convincing his customers to invest in what he described as a safe investment that would earn a guaranteed minimum yield of 4% per year.   As alleged in the complaint, the purported investment did not exist and the representative stole approximately $1.4 million for his personal use.   Matthes allegedly stole an additional $1 million by making unauthorized  sales and withdrawals from his customers’ variable annuities.   To cover up his fraud, the representative allegedly created fake account statements and paid approximately $170,000 in Ponzi-like payments to customers.

In May of 2019, Wisconsin filed case #S-239626 with allegations that Matthes misappropriated over $1 million from his insurance clients, created fictitious investments and fictitious account summary forms.   His sanctions were to Cease and Desist and being Barred from the State of Wisconsin Department of Financial Institutions Division of Securities.

In March of 2019 the Federal Bureau of Investigation launched an investigation alleging misappropriation of funds by Matthes. 

From December of 2015  until April of 2019,  at least 12  customer brought cases alleging that Matthes misappropriated funds by diverting client’s assets for his personal use, provided fictitious account statements,  provided client documentation including copies of checks written directly to Matthes that were deposited directly into his personal account and unsuitability.   These cases were collectively settled for about $1.7 million.

Matthes was employed with Mutual of Omaha Investor Services, Inc., from March of 2012 until  March of 2019 when he was discharged after allegations of creating fictitious account statements and diverting customer funds for his own personal use.  Before that time he was employed with Thrivent Investment Management, Inc.

If you have losses in an account handled by Edward Earl Matthes, call to learn how you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Ramon Esparza-Former Mutual of Omaha Financial Advisor-Barred from Securities Industry-McAllen, TX

April  2020- McAllen, TX

The FINRA records of Ramon Esparza  , a broker previously employed  by  Mutual of Omaha Investor Services, Inc. disclose a regulatory event resulting in his bar from the securities industry and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In December 2019, Esparza was permanently barred from the securities industry by the Securities and Exchange Commission after allegations that he failed to provide documents and information requested by FINRA in connection with an investigation into outside business activities.   Esparza’s member firm initiated an internal review relating to allegations that he received cash and transacted business in Bitcoin and concluded that he engaged in unapproved outside business activities involving Bitcoin transactions.

In August of  2019 Esparza voluntarily resigned from Mutual of Omaha Investor Services,  Inc.,  after allegations that he engaged in unapproved outside business activities involving Bitcoin transactions.

Esparza worked for Mutual of Omaha Investor Services, Inc.  from July of 2014 until August of 2019.   Before that time he had been employed with Pegasus Insurance Group and  Primerica Financial Services.  

If you have questions about an account  handled by Ramon Esparza  call for a no charge consultation .

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870