Former Morgan Stanley consultant arrested for defrauding NBA players of millions of dollars
Former Morgan Stanley investment advisor Darryl Cohen and three accomplices have been charged with allegedly defrauding current and former NBA players of millions of dollars.
In the indictment, released Thursday, Damian Williams, US attorney for the Southern District of New York, and Michael J. Driscoll, deputy director in charge of the Federal Bureau of Investigation's New York Field Office, said Darryl Cohen NBA agent Charles Briscoe, a financial planner, was accused of defrauding millions of dollars.
The Justice Department said Cohen, Briscoe, Gilder and Darden were arrested yesterday morning.
COHEN and GILDER were arrested this morning in Chatsworth, Calif., and North Ridge, Calif., respectively, and will be filed later in the day in United States District Court for the Central District of California. BRISCOE was arrested this morning in Katy, Texas and will be filed later in the United States District Court for the Southern District of Texas. DARDEN, JR. was arrested this morning in Atlanta, Georgia, and will be filed later in the United States District Court for the Northern District of Georgia.
Cohen, a former consultant to Morgan Stanley, allegedly directed basketball players to contribute to a non-profit organization, which the defendants would then use for their own personal gain. The Justice Department reported that the fraud scheme amounted to more than $13 million and involved four professional basketball players.
Williams said the four "defendants believed defrauding their professional athlete clients out of millions of dollars would be child's play." He added: "It was a huge mistake and they now face serious criminal charges for their alleged crimes." 2021 FINRA filings show Morgan Stanley fired Cohen due to “undisclosed or approved transactions by Morgan Stanley and using an unapproved platform to engage in inappropriate communications with clients.” However, the fact remains that in the end these characters, despite the past, have managed to enter the circle of rich players in the NBA. Easy money can lead to a certain superficiality.
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The article Former Morgan Stanley consultant arrested for defrauding NBA players of millions of dollars comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/ex-consulente-di-morgan-stanley-arrestato-per-aver-frodato-milioni-di-dollari-ai-giocatori-nba/ on Sun, 26 Mar 2023 08:00:29 +0000.