Securities Arbitration Lawyers BlogBarry Franklin Connell Has Been Barred by FINRA and Charged by the SEC for Allegedly Stealing $5M from Elderly Clients
Connell is reported to have stolen $5 million from his elderly clients
In January, the Financial Industry Regulatory Authority (FINRA) permanently barred Barry Franklin Connell from working as a broker. The decision came after an investigation reported that he made numerous transfers from client accounts without authorization. FINRA first suspended Connell but had no choice but to ban him after he declined to offer the agency information it requested.
Within weeks of FINRA’s ruling, Connell was charged by the Securities and Exchange Commission (SEC) with stealing money from clients. Allegedly, the funds he was transferring were being used to settle a private lawsuit. The SEC alleges that for about a year, Connell moved money between accounts – many of which belonged to elderly clients – and also issued wire transfers and checks from those accounts to third parties.