CORNELIUS PETERSON (CRD#: 5769919) a former MORGAN STANLEY of Boston financial advisor, was sentenced by a federal judge in Boston to 20 months in prison for misusing hundreds of thousands of dollars in clients’ money.
Peterson pleaded guilty in February to fraud and conspiracy due to unauthorized investments in a wind farm. According to the federal prosecutors, Peterson, along with his Morgan Stanley supervisor, James Polese, made an unauthorized transfer of $100,000 from one client’s account into a wind farm project in 2014, and in 2015 used $400,000 from another client’s account to back a letter of credit supporting the project. In 2016, they transferred $350,000 from the same client’s account for a real estate investment to cover Polese and his family’s personal expenses. In addition to serving time, Peterson and Polese must pay back $462,000 in restitution.
Morgan Stanley fired Polese and CORNELIUS PETERSON in June 2017, as soon as they discovered the fraud. In April, FINRA ordered Polese to pay Morgan Stanley $372,000.
FINRA has barred CORNELIUS PETERSON from acting as a broker or otherwise associating with a broker-dealer firm.
According to FINRA’s BrokerCheck, Peterson has 6 Disclosures on his report. Peterson was in the securities industry for 5 years and was only listed with 1 firm:
08/16/2011 - 07/26/2017 MORGAN STANLEY - BOSTON, MA
Please see our additional posted blog article on Peterson and Polese below:
https://www.securitieslawyer.com/james-s-polese-cornelius-peterson/
If you or a family member suffered losses due to the actions or recommendations of former Morgan Stanley of Boston, financial advisor, CORNELIUS PETERSON, contact Soreide Law Group and speak to a securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis.
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