Cheshire Investment Advisor Jailed for Stealing $ 600,000 from Client

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CHESHIRE – A local investment advisor will spend more than two years in federal prison for stealing more than $ 600,000 from a client over a period of several years, prosecutors say.

Matthew O. Clason, 40, of Cheshire was sentenced Tuesday by Judge Michael P. Shea in Hartford to 30 months in prison, followed by two years on probation. He pleaded guilty to wire fraud on May 12.

Clason was an investment advisor and registered representative of Lincoln Financial Advisors Corp., then LPL Financial, prosecutors said.

In 2015, Clason provided investment services to a 73-year-old Connecticut resident who had at least five investment accounts with Clason. Prosecutors said Clason and the victim opened a joint bank account in January 2018.

From the opening of the account until August 2020, prosecutors said, Clason transferred more than $ 668,000 from the victim’s investment accounts to the joint bank account without the victim’s knowledge or authorization.


Prosecutors said Clason had withdrawn more than $ 621,000 in cash from the bank account for personal use. He also transferred $ 5,000 directly to his personal bank account to pay off his credit card, prosecutors said.

Shea ordered Clason to pay $ 639,580 in restitution.

He was released on bail and ordered to report to jail to begin his sentence on February 28, 2022.


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