Name and Shame
Name and Shame

BARRY F. CONNELL REVIEW

Complaint
#5YDPP

This complaint was posted on NAS on 6th Jan, 2021 and is a permanent record located here: https://www.nameandshame.com/barry-f-connell-5YCVV/investment-adviser-stole-5-million-from-his-own-clients-id5ydpp .

NameandShame Author
Stocks & Bonds News
4th Jan, 2021

Investment Adviser Stole $5 Million From His Own Clients

Today, The Smart Investor Feed brings you another morally reprehensible fraud.


Barry F. Connell has been seized/arrested by the U.S. Securities And Exchange Commission (SEC). Shocking right?


We weren’t expecting this as well, but these scammers are getting smarter by the minute, making it harder for us to identify.


Such swindlers seem to be booming in numbers lately. This case is kind of interesting, why don’t I show you why:

Full Report On Barry F. Connell

On December 30, 2020, the U.S. District Court for the Southern District of New York entered a final consent judgment against Barry F. Connell, who was previously charged with investment adviser fraud for having misappropriated client funds.


According to the SEC's complaint, filed on February 3, 2017, Connell, while employed at a major financial institution, misappropriated more than $5 million from clients primarily by moving funds between certain client accounts and issuing falsified third-party wire transfer forms and checks. Connell allegedly directed the funds to cover his personal expenses and fund his lavish lifestyle. In a parallel criminal action, the U.S. Attorney's Office for the Southern District of New York filed criminal charges against Connell. Connell pled guilty to those charges and was sentenced to a prison term of time served of approximately 36 months and ordered to pay forfeiture and restitution.


The final judgment enjoins Connell from violating Sections 206(1) and 206(2) of the Investment Advisers Act of 1940 and finds Connell liable for disgorgement in the amount of $5,148,651 that is deemed satisfied by the restitution ordered against him in the parallel criminal action.


Connell also consented to a Commission order issued today permanently barring him from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization, as well as permanently barring him from participating in any offering of penny stock.


Conclusion: Barry F. Connell Is A Fraud

The report on SEC clearly suggests that Barry F. Connell never had any intentions to do honest business or provide helpful services. Main intention behind all their actions was to take advantage of the honesty & gullibility of people and scam them. It would be an understatement to call this a mere fraud, this one is a scandal.


If you feel like you are a victim of this scam, then I recommend contacting a law firm and consulting with them about a lawsuit. Companies & firms pay huge reprimands to settle serious lawsuits.

Help Us Fight These Criminals

Do you have evidence against Barry F. Connell or one of their associates, then please post it here. These criminals rely on their witnesses’ & victims’ silence, if you speak up, then they get exposed and punished for their horrific acts. I started The Smart Investor Feed on this site with only one purpose; to become a nightmare for the financial frauds in the country. I try to post often, so you can bookmark my profile for regular updates on frauds & con-artists.


Full Disclosure: We sourced this piece of information from the SEC database


Evidence Box

0

No evidence added yet

Add your own evidence

No evidence added yet

Add your own evidence

View more complaints for Barry F. Connell?

Comments

0