Retirement Advisor Who Touted Fiduciary Duty Under Investigation (Bloomberg)

Even before several lawsuits erupted against him, Matthew Hutcheson was a visible force in the benefits community. As an independent fiduciary he managed 401(k) plans for companies; he has also testified before Congress and held trainings for fiduciaries around the country. But after telling the House Ways and Means Committee in October 2009 that “the fiduciary duty is the highest duty known to the law,” he seems to be ignoring this duty entirely. Clients Rodney Thompson, co-owner of Thompson Audiology in Yakima, Washington and David Novak, a dentist in North Carolina, have both accused Hutcheson of stealing money they invested in his G Fiduciary Retirement Income Security Plan after funds they asked to have paid out were never delivered. Hutcheson’s own finances are suspect at best; since 2010, several of his personal checks have bounced, and he has repeatedly lied about hedge fund interest in his investments.