Barry Connell— Client Fund Theft Charges

investment fraud attorney ClevelandBarry Connell Allegedly Made Unauthorized Wire Transfers and Stole Approximately $5 million from Client Accounts; Connell also Issued Checks to Third Parties to Pay Personal Expenses

Barry Connell, from approximately December 2015 through November 2016, allegedly made unauthorized wire transfers and stole approximately $5 million from client accounts, according to a recent SEC Complaint currently under review by attorneys Alan Rosca and James Booker.

Peiffer Rosca Wolf securities practice lawyers are investigating investment recovery options on behalf of investors in issues related to Barry Connell’s alleged theft of client funds.

Investors who believe they may have lost money in activity related to Barry Connell’s alleged theft of client funds are encouraged to contact attorneys Alan Rosca or James Booker with any useful information or for a free, no obligation discussion about their options.

Connell also used falsified authorization forms misrepresenting that he received verbal requests from the clients in order to execute said transactions, and also allegedly issued checks to third parties in order to pay personal expenses, the aforementioned Complaint states.

Furthermore, Connell also allegedly spent money from client accounts for private jet service, country club dues, and to rent a home in suburban Las Vegas, the Complaint notes.

The Peiffer Rosca Wolf securities lawyers are currently investigating Barry Connell’s alleged theft of client funds.

The SEC Seeking Judgment to Permanently Enjoin Connell from Future Violations of the Advisers Act Ordering Connell to Disgorge his Allegedly Ill-gotten Gains and to Pay Prejudgment Interest Henceforth and to Impose Civil Money

The SEC is seeking a judgment which would permanently enjoin Connell from potential future violations of the Advisers Act and provisions of said Act that Connell allegedly violated, according to the aforementioned SEC Complaint currently under review by attorneys Alan Rosca and James Booker.

The SEC is also ordering Connell to disgorge his allegedly ill-gotten gains and to pay prejudgment interest henceforth, and is imposing civil money penalties pursuant to the Advisers Act, the SEC notes.

Andrew M. Calamari, Director of the SEC’s New York Regional Office, made the following statement:

“As alleged in our complaint, Connell stole funds from clients who entrusted him their finances, choosing to fund his own lavish lifestyle rather than fulfill the fiduciary duty he owed them.”

It should also be noted that, in a parallel action, the U.S. Attorney’s Office for the Southern District of New York also filed criminal charges against Connell.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of failure to resolve an arbitration claim and are currently investigating Barry Connell’s alleged theft of client funds. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of Barry Connell’s alleged theft of client funds may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at arosca@prwlegal.com or jbooker@prwlegal.com.

Alan Rosca (1125 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.