A former financial advisor at Morgan Stanley in Texas has been sentenced to more than 12 years in prison for defrauding his firm and clients.
Back in November 2024, the former advisor, Jesus Rodriguez de la Cruz, pleaded guilty to charges of wire fraud, aggravated identity theft, filing a false income tax return and transacting with the proceeds of crime.
According to court filings, Rodriguez de la Cruz defrauded Morgan Stanley and clients through “false pretenses, representations and promises” by orchestrating fraudulent transfers from their bank accounts, according to the U.S. attorney’s office in West Texas.
Among other things, U.S. authorities alleged that he created “false communications and documents impersonating a client and submitted them to Morgan Stanley personnel to cause fraudulent transfers on the client’s line of credit account for personal profit.”
Overall, the firm lost about US$5.6 million to the scheme, the government said.
“The defendant exploited his position of trust as a financial advisor to deceive both his clients and employer for personal gain,” said John Morales, special agent in charge with the FBI, in a release.
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