Former Morgan Stanley Advisor Faces New Charges for Stealing from Clients

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Rodriguez, represented by lawyer Rebecca Reyes, declined to comment on the matter.

In October, Customs and Border Protection officers arrested Rodriguez at the Mexican border after discovering an outstanding warrant for his arrest. The warrant was related to an alleged theft of $56,000 from an elderly couple. He was subsequently handed over to local police in El Paso, Texas.

More recently, Rodriguez was arrested again by the FBI earlier this month and booked into the El Paso County Jail, as confirmed by county records. He has since pleaded not guilty to criminal charges, including wire fraud and identity theft. These charges are connected to some of the same alleged misconduct referenced in the SEC’s civil charges. On January 19th, a federal judge granted a motion for him to be held without bond.

Morgan Stanley has released a statement emphasizing its commitment to safeguarding client assets: “The firm takes these matters seriously and is strongly committed to the protection of client assets.”

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Morgan Stanley Investment Advisor Accused of Misconduct

The Securities and Exchange Commission (SEC) has charged Rodriguez with a “misappropriation scheme,” where he allegedly misused funds from investors’ accounts. The SEC claims that Rodriguez accomplished this by initiating fraudulent withdrawals through various means, such as ACH, wire transfers, or cash transfers.

To cover up his alleged theft, Rodriguez employed various tactics. He would withhold account statements from clients, falsely claim that a transfer had been made in error, and deceive Morgan Stanley about the loan obligations he had created for his clients.

The SEC is seeking an injunction against Rodriguez and is also demanding a civil penalty as well as the repayment of the clients’ funds.

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