Stoltmann Law Offices continues to investigate Barry Connell, a former Morgan Stanley broker in Ridgewood, New Jersey. Morgan Stanley terminated Mr. Connell in November 2016 after allegations surfaced that he made unauthorized fund transfers. Morgan Stanley stated that there were “allegations regarding unauthorized withdrawals and transfers of funds from client’s household accounts to third-party payees, which appear to be for the benefit of the former registered representative.” He was also barred from the industry by the Financial Industry Regulatory Authority (FINRA). In February 2017, the Securities and Exchange Commission (SEC) alleged that he stole money from investors to settle a private lawsuit among other misuses. He allegedly engaged in misappropriation of $5 million from investment advisory clients. Between December 2015 through November 2016, Connell moved funds between client accounts and sent wire transfers and checks from the accounts to third parties to benefit himself. Connell allegedly made more than 100 unauthorized transactions through forms falsely representing that he had received verbal client authorizations for the transactions, when he did not. This is against securities laws.
Mr. Connell was registered with UBS in Pearl River, New York from October 1998 until June 2008, Morgan Stanley Inc. in Pearl River from May 2008 until June 2009 and Morgan Stanley in Ridgewood, New Jersey from June 2009 until December 2016. He has six customer disputes against him, two of which are currently pending. He has been permanently barred from the industry.
Please call our Chicago and Barrington, Illinois-based securities law offices today if you suffered losses with Barry Connell. We may be able to help you bring a case against Morgan Stanley in the FINRA arbitration forum. We take cases on a contingency fee basis only, so we only make money if you recover yours. The call is free with no obligation. Attorneys are standing by.
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