Another Bad Turn In The Tragic Saga Of Matt Hutcheson, Onetime Spokesman For Fiduciaries

Friday, June 15, 2012 18:08
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Another Bad Turn In The Tragic Saga Of Matt Hutcheson, Onetime Spokesman For Fiduciaries

Tags: 401(k) | Advisor businesses | advisor industry people | fiduciaries

The Matt Hutcheson saga continues, as the onetime spokesman for the fiduciary movement was ordered by a U.S. District Court in Idaho from overseeing a 401(k) plan holding the retirement savings of about 500 participants. In granting the U.S. Department of Labor's (DOL) motion for preliminary injunction against Matthew D. Hutcheson and Hutcheson Walker Advisors LLC, the court found that DOL had "demonstrated the type of immediate and irreparable injury necessitating entry of a preliminary injunction."

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Hutcheson, who ironically testified before Congress several times about the need for all advisors to put the interests of clients ahead their own, is accused of doing quite the opposite. In addition to civil charges filed by the DOL, Hutcheson is under indictment on criminal charges.
 
This past Wednesday, U.S. District Judge Edward Lodge wrote that Hutcheson’s overseeing the plan posed a "real threat" of loss, according to The Idaho Press Tribune
 
“Though a great deal of funds have already been transferred from the particular funds at issue, there is a danger that the remaining ... assets could be further diminished by these defendants," the order said. Hutcheson faces 31 federal criminal charges following a grand jury indictment in April.

 

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