Financial advisor sentenced to 7 years for stealing $900k from client
MOUNT HOLLY — Burlington County Prosecutor Scott Coffina announced that a Moorestown- based financial advisor was sentenced today to seven years in New Jersey state prison for stealing nearly $900,000 from a client who had provided him with the money believing it would be invested in mutual funds.
Brian Murphy, 47, of Wharton Place in Hainesport, pled guilty to Misapplication of Entrusted Property (Second Degree) and Failure to Pay New Jersey State Income Taxes (Third Degree). Under the terms of an agreement with the Prosecutor’s Office, Murphy was sentenced by the Hon. Christopher J. Garrenger, J.S.C. to seven years for the second degree charge and a concurrent three-year term for the third degree charge.
Murphy must also make restitution to the victim in the amount of $890,000 and permanently forfeit his financial licenses.
“This sentence reflects the seriousness of this substantial fraud,” Prosecutor Coffina said. “Let it serve as a reminder that we will vigorously prosecute financial advisors and anyone else who steals money entrusted to them by a client.” Read More