Former Morgan Stanley broker Cornelius Peterson of Newton Massachusetts was recently barred from acting as a broker after allegedly participating in various fraud schemes that resulted in client losses totaling $500,000.
Cornelius Peterson worked with Morgan Stanley as a broker until June 2017 when he was discharged for his role in allegedly defrauding clients and misappropriating client funds.
According to a press release recently issued by the U.S. Attorney’s Office for the District of Massachusetts, Peterson allegedly collaborated with a fellow broker, James Polese, to misappropriate $500,000 of their clients’ money. They used a large portion of the money as security to invest in an unauthorized wind farm project. In addition, Peterson made numerous unauthorized withdrawals from a client’s account totaling nearly $100,000 and used those funds to pay off personal debts and expenses including credit card bills and college tuition fees. An estimated $450,000 was misappropriated from a single elderly client.
Peterson is no longer registered, and FINRA has barred him from acting as a broker or associating with any member firm.
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