Barry Franklin Connell, of Ridgewood, New Jersey, a former stockbroker registered with Morgan Stanley, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon his failure to provide information to FINRA about his “business activities.” Case No. 2016052354501.
Although FINRA does not disclose why Connell was being investigated, the Securities and Exchange Commission (SEC) in a Complaint alleging that he misappropriated $5,000,000.00 from investment advisory clients. Securities and Exchange Commission v. Connell, Case No. 1:17-cv-00831 (S.D.N.Y. Feb. 3, 2017).
FINRA Public Disclosure confirms that Connell is the subject of four customer initiated investment related disputes containing allegations of Connell’s misconduct.
Specifically, on March 17, 2017, a customer filed an investment related written complaint involving Connell’s conduct, in which the customer sought $3,779,889.80 in damages supported by accusations that the customer’s signatures on account documentation and checks had been forged between 2010 and 2016 relating to options transactions and cash management accounts.
Subsequently, on July 18, 2017, a customer initiated investment related written complaint involving Connell’s conduct was settled to resolve allegations that Connell breached his fiduciary duties to the customer, and mismanaged the customer’s in-house money manager account from 2015 to 2016. Thereafter, a customer filed an investment related written complaint concerning Connell’s conduct, where the customer alleged damages founded on accusations that fiduciary duties were breached, and that the customer’s account failed to be managed in the customer’s best interest.
Then, on June 13, 2017, a customer filed an investment related written complaint regarding Connell’s activities, alleging that investments effected within the customer’s managed / wrap accounts from 2008 to 2017 were not suitable for the customer.
Morgan Stanley fired Connell on November 10, 2016, based upon allegations that he executed withdrawals from customer accounts without consent, and transferred the funds to unauthorized recipients for his benefit. He has been barred by FINRA in all capacities as of April 21, 2017.
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