Ex-Morgan Stanley Broker Stole $5 Million from Clients

Posted on March 10th, 2017 at 10:34 AM
Ex-Morgan Stanley Broker Stole $5 Million from Clients

From the Desk of Jim Eccleston at Eccleston Law LLC:

Former broker at Morgan Stanley, Barry Connell, was arrested for allegedly stealing $5 million from clients to fund his lavish lifestyle.

Mr. Connell, who worked for Morgan Stanley in New Jersey, was criminally charged with wire fraud and aggravated identity theft for allegedly misappropriating clients’ money from December 2015 to November 2016. According to the U.S. Attorney for the southern District of New York, Mr. Connell conducted more than 100 unauthorized transactions. For example, Mr. Connell used the unauthorized transaction to fund the purchase of private jet services, to pay for his wife’s credit card debt, and to put down an upfront payment for a rental home.

According to BrokerCheck, Mr. Connell had been a registered broker for 18 years. He was fired by Morgan Stanley last year, citing the alleged unauthorized client withdrawals.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of securities for financial investors including Securities FraudUnauthorized TradingBreach of Fiduciary DutyRetirement Planning Negligence, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

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