Manager took $5 million – claim
A former Morgan Stanley wealth manager in New Jersey 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.
Barry Connell, 50, was arrested early Friday in Henderson, Nevada, a Las Vegas suburb, and charged with wire fraud and aggravated identity theft, according to the office of U.S. Attorney Preet Bharara in Manhattan.
The U.S. Securities and Exchange Commission filed related civil charges against Connell, a resident of Chester, New Jersey.
A lawyer for Connell could not immediately be identified. No one could be reached at the defendant’s home for comment. PHOTO: A golf development at Henderson READ MORE: http://www.reuters.com/article/us-usa-crime-morganstanley-fraud-idUSKBN15I2TU