Two ex-Morgan Stanley advisers to plead guilty to U.S. fraud charges

Reuters News
Posted: Jan 31, 2018 10:44 AM

BOSTON (Reuters) - Two former Morgan Stanley advisers have agreed to plead guilty to U.S. charges that they misused client funds to make their own investments in a wind farm project, federal prosecutors said on Wednesday.

Federal prosecutors in Boston said James Polese, 51, and Cornelius Peterson, 28, misappropriated $500,000 to invest in and support the wind farm project. Polese also used funds from a client's account to pay for personal expenses, prosecutors said.

(Reporting by Nate Raymond in Boston)