A regulatory panel has ruled that an ex-advisor must pay Morgan Stanley more than $6 million.
Barry Connell, who was barred from the industry a year ago, worked for Morgan Stanley from 2008 to 2016, when he was fired.
In early 2017, the Securities and Exchange Commission charged Connell with moving about $5 million from client accounts to third parties for his benefit. He has 13 other disclosures on his BrokerCheck record.
A Financial Industry Regulatory Authority panel said on Friday that Connell failed to appear at pre-hearing conferences in January and April and that “this matter would proceed without said respondent present.”
The arbitrators decided that documents submitted by Morgan Stanley were “sufficient to grant the relief requested in the absence of any responses by [Connell].”
Morgan Stanley declined to comment on the matter.