Ex-Morgan Stanley Advisor Gets 7 Years for Fleecing Clients
“This individual has not worked at Morgan Stanley since February 2022,” a spokesperson for the bank said in a statement. “The conduct he was convicted of, which affected a small number of clients, is plainly unacceptable. We cooperated fully with law enforcement and other authorities, and appreciate that the criminal prosecution has been successfully concluded.”
Good used client money for high-end restaurants, a home and vacation condo and trips to Europe and Disney World, according to the government.
He also paid for cars, including a Lexus RX350, a Porsche Boxster, a Tesla Model 3 and an Alfa Romeo Stelvio.
Between September 2017 and August 2019, he transferred $136,000 in investor funds to “a female acquaintance,” according to prosecutors. His Venmo account showed $110,000 in payments with memo lines that included “tattoo,” “because your sexy,” “Hotel for Destiny,” “Nailz” and “shopping.”
Good told clients he was putting their money into low-risk investments that would return as much as 10% in three- or six-month terms. He persuaded some to take out lines of credit secured by their Morgan Stanley investment and retirement accounts, according to the government.
The case is U.S. v. Good, US District Court, Eastern District of North Carolina (Raleigh).
(Photo: Bloomberg)
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