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
Peterson is no longer registered, and FINRA has barred him from acting
as a broker or associating with any member firm.
Did You Suffer Financial Losses While Working with Cornelius Peterson?
Unfortunately, investment fraud happens far more often than it should.
If you or someone you know lost money while working with Cornelius Peterson,
Meyer Wilson would like to hear from you. Give our office a call at (888)
390-6491 today to
talk to one of our experienced investment fraud attorneys.