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February 3, 2017

Posted  February 27, 2017

The SEC charged investment adviser Barry Connell with stealing approximately $5 million from client accounts by initiating unauthorized wire transfers and issuing checks to third parties to cover personal expenses.  The SEC alleges that Connell, who worked in the New Jersey office of a major financial institution, conducted more than 100 unauthorized transactions by using falsified authorization forms misrepresenting that he received verbal requests from the clients.  Connell allegedly used money from client accounts to rent a home in suburban Las Vegas and pay for a country club membership and private jet service.  SEC

Tagged in: Financial and Investment Fraud,