Last year, a former Morgan Stanley financial advisor, Doug McKelvey, pleaded guilty to a federal money laundering charge related to stealing from elderly relatives, including his own mother. On Monday, the Securities and Exchange Commission barred McKelvey for related charges.
The SEC's civil complaint alleged that from approximately June 2013 through February 2022, McKelvey engaged in a fraudulent scheme in which he misappropriated more than $1.7 million from the accounts of two elderly relatives who were brokerage customers while he served as their financial advisor. According to his BrokerCheck profile, McKelvey was a registered broker with Morgan Stanley from June 2009 to May 2022.
The SEC's complaint further alleged that McKelvey sold securities from the customers’ accounts to generate some of the funds he misappropriated and took steps attempting to conceal his misconduct.
In November, McKelvey was sentenced in federal court in the Eastern District of Texas to 63 months in prison and three-years of supervised release.
McKelvey, 58, worked in the Southlake, Texas, branch of Morgan Stanley, according to the SEC. Southlake is a suburb of Dallas. The Financial Industry Regulatory Authority Inc. barred McKelvey in 2022, months after he stopped working at Morgan Stanley, according to BrokerCheck.
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