BARRY FRANKLIN CONNELL (BARRY F CONNELL) CRD#: 3070984, according to a recent article in Financial Advisor IQ, was barred by the SEC on Jan. 5, 2021, for stealing millions of dollars from clients. Connell, a former financial advisor from Morgan Stanley of Ridgewood, New Jersey, was additionally sentenced to three years in prison. BARRY F CONNELL was also barred by the Financial Industry Regulatory Authority, Inc. (FINRA) from acting as a broker or otherwise associating with a broker-dealer firm.
According to FINRA’s BrokerCheck, BARRY F CONNELL was registered in the securities industry for 18 years and was listed with 3 firms. He has 15 Disclosures on his FINRA CRD report, 10 are Customer Disputes. Many of the disputes have been settled for $740 up to nearly $3.5 million.
BARRY F CONNELL started his career in 1998 with UBS in Pearl River, New York, and then began with Morgan Stanley in 2008. According to BrokerCheck, Connell was discharged from Morgan Stanley in November of 2016, following allegations of, “unauthorized withdrawals and transfers of funds from client’s household accounts to third-party payees, which appear to be for the benefit of the former registered representative.”
According to the Financial Advisor IQ article, on Dec. 27, 2018, BARRY F CONNELL pleaded guilty to fraud, embezzlement and aggravated identity theft before the U.S. District Court for the Southern District of New York, the SEC reported recently. Connell received a 36-month prison sentence and was ordered to pay approximately $5.3 million in restitution.
The SEC says that the indictments against BARRY F CONNELL alleged that he acted as a financial advisor for several members of a family and defrauded the family out of approximately $5 million in multiple accounts through a series of unauthorized transactions. Connell admitted the SEC’s findings in the matter, according to the SEC.
The SEC stated that in June of 2018, Morgan Stanley agreed to pay a $3.6 million penalty over SEC allegations that Morgan Stanley’s alleged inadequate policies had failed to stop Connell.
If you were a victim of the former Morgan Stanley of Ridgewood, New Jersey, financial advisor, BARRY F CONNELL, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and we represent our clients nationwide before FINRA.