On May 20, he was sentenced to 63 months behind bars. Last year, Matthes plead guilty to three counts of wire fraud.
The scheme took place from 2013 to 2019. In the scam, Matthes convinced mostly elderly clients to invest in fake Mutual of Omaha accounts. Instead, he put the more than $2.6 million into his own bank account.
He created fake statements, showing his clients their investments were performing well. But some clients became suspicious when they didn’t get required tax forms, and that sparked an investigation from Mutual of Omaha and law enforcement.
Matthes reportedly used the money to pay off credit cards, his mortgage, his son’s student loans and other expenses and even reportedly spent more than $80,000 at Tiffany & Co.