Securities Arbitration Lawyers BlogBarry F. Connell, Formerly of Morgan Stanley, Under Investigation Over Allegations that he Stole From Clients
Silver Law Group is investigating former New Jersey-based Morgan Stanley (CRD# 149777) broker Barry F. Connell (CRD# 3070984) over SEC allegations that he stole money from his customers.
According to the SEC complaint, Connell misappropriated approximately $5 million from Morgan Stanley clients from December 2015 through November 2016. Allegedly, Connell carried out the scheme primarily by moving funds between certain client accounts and issuing wire transfers and checks from the accounts to third parties for his benefit. Over the course of approximately eleven (11) months, Connell made 100 unauthorized transactions, according to the SEC complaint.
According to Connell’s FINRA BrokerCheck report, Morgan Stanley discharged Connell in November 2016 after the allegations surfaced.