{"id":56464,"date":"2017-02-06T09:59:33","date_gmt":"2017-02-06T14:59:33","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=56464"},"modified":"2017-02-06T09:59:33","modified_gmt":"2017-02-06T14:59:33","slug":"sec-charges-financial-adviser-with-stealing-from-client-accounts","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/02\/2017\/sec-charges-financial-adviser-with-stealing-from-client-accounts.html","title":{"rendered":"SEC Charges Financial Adviser With Stealing From Client Accounts"},"content":{"rendered":"<p>(HedgeCo.NET) The Securities and Exchange Commission today charged an investment adviser representative with stealing approximately $5 million from client accounts by initiating unauthorized wire transfers and issuing checks to third parties to cover personal expenses.<\/p>\n<p>The SEC alleges that Barry 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.<\/p>\n<p>\u201cAs alleged in our complaint, Connell stole funds from clients who entrusted him their finances, choosing to fund his own lavish lifestyle rather than fulfill the fiduciary duty he owed them,\u201d said Andrew M. Calamari, Director of the SEC\u2019s New York Regional Office.<\/p>\n<p>The SEC\u2019s complaint charges Connell with violations of Sections 206(1) and (2) of the Investment Advisers Act of 1940.<\/p>\n<p>In a parallel action, the U.S. Attorney\u2019s Office for the Southern District of New York today filed criminal charges against Connell.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(HedgeCo.NET) The Securities and Exchange Commission today charged an investment adviser representative 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 Barry [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048],"tags":[],"class_list":["post-56464","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/56464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=56464"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/56464\/revisions"}],"predecessor-version":[{"id":56465,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/56464\/revisions\/56465"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=56464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=56464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=56464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}