{"id":4849,"date":"2018-01-31T17:32:37","date_gmt":"2018-01-31T23:32:37","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4849"},"modified":"2022-04-03T16:01:58","modified_gmt":"2022-04-03T21:01:58","slug":"two-former-morgan-stanley-investment-advisers-accused-fraud-plead-guilty","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/two-former-morgan-stanley-investment-advisers-accused-fraud-plead-guilty\/","title":{"rendered":"Two Former Morgan Stanley Investment Advisers Accused of Fraud Plead Guilty"},"content":{"rendered":"

\t\t\t\tIn the criminal case brought against them, two ex-Morgan Stanley (MS) investment advisers, James S. Polese and Cornelius Peterson, have pleaded guilty to the criminal charges against them. Polese was charged with conspiracy, aggravated identity theft, investment adviser fraud<\/a>, and multiple counts of bank fraud. Peterson is charged with conspiracy, investment adviser fraud, and bank fraud.<\/p>\n

In a parallel civil case, the US Securities and Exchange Commission claims that beginning in 2014, the two men defrauded three clients of almost half a million dollars. The allegations include: <\/p>\n

*Stealing almost $450K from one client and using the funds to make their own investments and pay for Polese\u2019s credit card bills and the college tuition of his children.
\n*Using a client\u2019s assets to obtain loan financing for an entity in which they were investors.
\n*Investing client monies in a venture in which they both had a financial stake without telling the client.
\n*Getting a loan with unfavorable terms for a client.
\n*Charging one client advisory fees that were 50% more than what he told her they would be.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In the criminal case brought against them, two ex-Morgan Stanley (MS) investment advisers, James S. Polese and Cornelius Peterson, have pleaded guilty to the criminal charges against them. Polese was charged with conspiracy, aggravated identity theft, investment adviser fraud, and multiple counts of bank fraud. Peterson is charged with conspiracy, investment adviser fraud, and bank […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3787,3801,3760,3741],"tags":[],"class_list":["post-4849","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-morgan-stanley","category-sec","category-sec-enforcement","category-securities-fraud"],"yoast_head":"\nTwo Former Morgan Stanley Investment Advisers Accused of Fraud Plead Guilty — Investor Lawyers Blog — January 31, 2018<\/title>\n<meta name=\"description\" content=\"In the criminal case brought against them, two ex-Morgan Stanley (MS) investment advisers, James S. 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