Former Morgan Stanley brokers James Polese and Cornelius Peterson Face Ongoing Charges of Fraud
Peterson and Polese are also alleged to have outright stolen hundreds of thousands of dollars from an elderly client. They apparently authorized wire transfers from client accounts to third party financial institutions, then would claim that the wire was accidentally too much, and request the third party financial institution send back the “overpayment” to a personal account of either Peterson or Polese.
Finally, the pair apparently overcharged at least one of their client’s in management fees. The client had agreed to pay a 1% annual advisory fee, but Polese apparently charged the account 1.5% instead, charging the client effectively 50% more than she should have been charged.
Unfortunately, bad brokers like these rarely only mistreat a few of their clients. If this many people were being defrauded, stolen from, and otherwise mistreated, it is likely there are many other affected current and former clients. If you are or were a client of James Polese or Cory Peterson, you can contact our law firm for a free, no obligation consultation about your situation and the options you may have available to you. All communications will be kept strictly confidential, and you will not be billed in any way for a consultation.
Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. For more than two decades, our firm has represented thousands of investors nationwide to recover losses.