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Fired Morgan Stanley Wealth Manager Charged with Stealing $5Mn
Barry Connell, a former NY-based Morgan Stanley wealth manager, has been criminally charged with stealing about $5 million from clients, and then going on a spending spree including private jet service, luxury cars, and country club memberships.
Connell, 50, was arrested early Friday in a Las Vegas, NV, suburb, according to the office of U.S. Attorney Preet Bharara in Manhattan. The SEC filed related civil charges against Connell. Morgan Stanley is not named in court papers.
Authorities said Connell, who worked in a Morgan Stanley office in Ridgewood, New Jersey, stole money from accounts belonging to a married couple and their daughter from December 2015 to November 2016. He made more than 100 unauthorized transfers, but told his employer that he had client permission.
Morgan Stanley fired Connell in November, citing his alleged unauthorized withdrawals from client accounts for his own apparent benefit, brokerage industry records show.
Before joining Morgan Stanley in 2008, Connell had been with UBS for about 10 years.
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