A former Morgan Stanley financial adviser was arrested in Nevada. Barry Connell, 50, of Chester, New Jersey, was arrested in Henderson, Nevada, on fraud and identity theft charges.
Manhattan U.S. Attorney said Connell "used his clients' bank accounts as his own, siphoning off millions of dollars to pay for his extravagant lifestyle, including a country club membership and private jet expenses."
The Securities and Exchange Commission said in a civil action that Connell misappropriated the money from the accounts of a couple and their daughter, using some of it to pay rent at a house near Las Vegas.
In a criminal complaint, the FBI said Connell had worked as a financial adviser in the bank's wealth management division from 2008 until November. It said he began in 2015 to manage multiple accounts for a family that had tens of millions of dollars in assets. Eventually, it said, he made withdrawals on at least 48 occasions as he siphoned off money.
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