The Securities and Exchange Commission (SEC) has alleged that Barry Connell, who worked in the Ridgeway, New Jersey office of Morgan Stanley, conducted more than 100 unauthorised transactions that misrepresented verbal requests from clients.
“As alleged in our complaint, Connell stole funds from clients who entrusted him their finances, choosing to fund his own lavish lifestyle rather than fulfil the fiduciary duty he owed them,” said Andrew Calamari, director of the SEC’s New York Regional Office.
Personal gain
According to Reuters, Morgan Stanley fired Connell in November 2016 after investigating charges that one of its employees in New Jersey had shifted client money for his own gain.
In a parallel action, the US Attorney’s Office filed criminal charges of wire fraud and aggravated identity theft against Connell.