Stoltmann Law Offices is investigating Barry Connell, a former Morgan Stanley investment advisor who was arrested on January 3rd, 2017 for stealing $5 million in client money. Connell was charged with wire fraud and aggravated identity theft for allegedly defrauding multiple clients out of at least $5 million over five years. Connell allegedly effected numerous unauthorized transactions from five account belonging to one family who were clients of Morgan Stanley. Mr. Connell submitted forms falsely stating that he had received client instructions authorizing wire transfers to third parties for the client’s benefits, when in fact, he had not received authorization. Mr. Connell used the checks to pay for his own expenses, including rent for a house in Nevada, country club memberships and for a private jet. He also paid credit card bills for his spouse, made payments to automobile dealerships, an entertainment company and a yacht company. Mr. Connell was registered with Morgan Stanley in Ridgewood, New Jersey at the time of his alleged theft.
According to his online BrokerCheck report with the Financial Industry Regulatory Authority (FINRA), Barry Connell was registered with UBS Financial Services in Pearl River, New York from October 1998 until June 2008, Morgan Stanley in Pearl River from May 2008 until June 2009 and Morgan Stanley in Ridgewood, New Jersey from June 2009 until December 2016. He has three customer disputes against him, one of which is currently pending. He is currently not registered with any FINRA member firm.
Please call our Chicago and Barrington, Illinois based securities law firm at 312-332-4200 today for a free consultation with one of our attorneys as to whether you may be able to sue Morgan Stanley in the FINRA arbitration forum if you suffered losses with Barry Connell. Morgan Stanley had an ironclad obligation to reasonably supervise the broker and, because it did not, can be held liable for your investment losses. There is no obligation. We take cases on a contingency fee basis only, so we only make money if you recover yours.
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