A federal court in New York has entered a final consent judgment against Barry F. Connell, a former Morgan Stanley broker whom the Securities and Exchange Commission had charged with investment adviser fraud for misappropriating client funds.
The SEC brought the complaint against Connell in 2017, charging that he misappropriated more than $5 million by moving funds between certain client accounts and issuing falsified third-party wire transfer forms and checks. Connell allegedly directed the funds to cover his personal expenses.
In a parallel criminal action, the U.S. Attorney's Office for the Southern District of New York filed criminal charges against Connell. He pled guilty to those charges and was sentenced to a prison term of time served of approximately 36 months and ordered to pay forfeiture and restitution.
The final judgment finds Connell liable for disgorgement in the amount of $5,148,651 that is deemed satisfied by the restitution ordered against him in the criminal action.
Connell, who was barred by the Financial Industry Regulatory Authority Inc. in 2017, also consented to an SEC order permanently barring him from the industry.
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