Court Enters Final Judgment Against Connecticut Investment Adviser Charged with Stealing Client Funds

Litigation Release No. 25574 / November 9, 2022

Securities and Exchange Commission v. Matthew O. Clason, No. 3:20-cv-01279 (D. Conn. filed Sept. 1, 2020)

The United States District Court for the District of Connecticut entered a final judgment against Matthew O. Clason on November 8, 2022 in a previously-filed SEC case that charged Clason, a Connecticut-based investment adviser, with stealing hundreds of thousands of dollars from an advisory client.

The SEC's complaint, filed on September 1, 2020, charged Clason with violating the antifraud provisions of Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. Clason consented to the judgment entered by the court, which imposes a permanent injunction against him, and orders him to pay disgorgement and prejudgment interest totaling $634,472, which is deemed satisfied by the restitution order imposed in a parallel criminal action brought by the U.S. Attorney's Office for the District of Connecticut. In the criminal action, Clason pleaded guilty and was sentenced on December 7, 2021 to 30 months in prison.

The SEC's case was handled by Susan Cooke Anderson, Alfred A. Day, Patrick J. Noone, and Michele T. Perillo of the Boston Regional Office.