“Retirement Plan Management: Compliance, Reporting and Ethics” Author Charged with Fraud

by InvestorLawyers on April 23, 2012

in 401k Plans,Retirement,Securities Fraud

Recently, Matthew D. Hutcheson, a financial advisor and radio personality, reportedly was indicted on federal charges. Investment fraud lawyers say Hutcheson, who is well known in the securities industry, has been indicted for funding his home renovations and purchasing interest in a golf and ski resort with his clients’ retirement plan funds. Hutcheson authored the “Retirement Plan Management: Compliance, Reporting and Ethics” course and hosted “The Retirement Hour with Matt Hutcheson” radio show.

“Retirement Plan Management: Compliance, Reporting and Ethics” Author Charged with Fraud

Hutcheson was a trustee and fiduciary to three multiple employer plans, according to the Boise U.S. Attorney’s Office. These plans were the National Retirement Security Plan 401(k), the Retirement Security Plan & Trust and the G Fiduciary Retirement Income Security Plan. According to the allegations against Hutcheson, he directed the G Fiduciary Plan’s record keeper to send $2,031,688 from the plan’s account via 12 wire transfers in 2010. The plan’s account was kept at Charles Schwab & Co. Inc., and the accounts that received the funds were for Hutcheson’s personal benefit or under his control.

Furthermore, in 2010 Green Valley Holdings was set up by Hutcheson, an entity that was used to acquire a ski lodge and golf course at Idaho’s Tamarack Resort. According to the complaint, he also allegedly funneled plan assets from Retirement Security Plan & Trust to help purchase an interest in the resort, amounting to $3 million.

Hutcheson has pleaded not guilty, but federal authorities are seeking forfeitures from him amounting to $5.3 million. In addition, Hutcheson could receive five years in prison for each count of employee pension benefit plan theft, and 20 years in prison for each count of wire fraud.

According to securities fraud attorneys, a firm may still be held responsible for their employee’s actions if it can be proved that they were negligent in the supervision of their brokers or advisers, even if the employee was conducting business without their knowledge. Therefore, victims of Hutcheson’s fraud may be able to recover losses with the help of an investment fraud lawyer, through securities arbitration against his employer.

If you suffered losses as a result of investing with Hutcheson, contact a securities fraud attorney at The Law Office of Christopher J. Gray at (866) 966-9598 for a no-cost, confidential consultation.

Previous post:

Next post: