Advisor Matthew Hutcheson’s trial — he’s charged with 17 counts of wire fraud — began last week and is expected to run through the middle of April. Hutcheson, once a spokesperson for fiduciaries in the retirement world who testified before Congress and regulators, is accused of using funds from retirement accounts he oversaw to attempt to purchase a failing luxury ski and golf resort in Idaho, as well as to buy luxury cars and remodel his house.
Incidences of advisors or trustees illegally using their clients’ retirement funds are rare, and no legal precedent is likely to be set by the case, but it has drawn attention anyway because of Hutcheson’s high profile in the industry.
