Former Morgan Stanley Advisor, Barry Connell, Arrested on Fraud Charges

BARRY FRANKLIN CONNELL (BARRY CONNELL) CRD#: 3070984
50 years-old, from Chester, New Jersey, was arrested in Henderson, Nevada, on Friday, February 3, 2017 on fraud and identity theft charges.
Connell, a former Morgan Stanley financial advisor, was charged with using his position at Morgan Stanley to defraud three of the bank's wealthy clients from December 2015 until November 2016.  He is charged with allegedly stealing at least $5 million from the clients, who were all members of the same family and then using the money for his own lavish lifestyle, which included using private jets.
According to the Manhattan U.S. Attorney, BARRY 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 (SEC) said in a civil action that BARRY CONNELL misappropriated the funds from the accounts of a couple and their daughter.  Connell also allegedly paid rent at a house near Las Vegas with the funds.
The FBI said in a criminal complaint that BARRY CONNELL worked as a financial advisor in the bank's wealth management division from 2008 until November 2016. It said he began in 2015 managing multiple accounts for a family that had tens of millions of dollars in assets. The complaint alleges he made withdrawals on at least 48 occasions for his own personal use.
According to FINRA’s BrokerCheck, BARRY CONNELL was registered in the securities industry for 18 years and was listed with 3 firms, the most recent listed below:
06/01/2009 - 12/07/2016  MORGAN STANLEY - RIDGEWOOD, NJ
05/30/2008 - 06/01/2009  MORGAN STANLEY & CO. INC. - PEARL RIVER, NY
If you were a former client of BARRY CONNELL who was a broker with MORGAN STANLEY of RIDGEWOOD, NJ, and suffered losses due to his actions or recommendations, call Soreide Law Group and speak to a lawyer regarding the possible recovery of your losses at:  888-760-6552.
Soreide Law Group represents clients nationally before FINRA and we operate on a contingency fee basis.