Well-known 401 (k) fiduciary advocate, Matthew D. Hutcheson, received a 210 month sentence after being found guilty of seventeen counts of wire fraud after an eight day trial. The U.S. attorney’s office claims that Hutcheson took $5.3 million from about 250 of his clients. Hutcheson was also ordered to pay that amount in restitution. According to federal prosecutors, from 2010 through 2011, Hutcheson’s scheme netted him profits of more than $5 million. Hutcheson used false account statements to deceive his victims into believing that their funds were being legitimately invested.
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