SEC opens case against ex-Morgan Stanley VP who ripped off own mother

The SEC announced Wednesday that it’s taking a former Morgan Stanley vice president and advisor to court over accusations that he defrauded his elderly mother and mother-in-law of more than $1.7 million.

The Wall Street watchdog’s civil action comes a day after Douglas McKelvey, who worked at a Morgan Stanley office in Southlake, Texas, for nearly 11 years, pleaded guilty in federal court in eastern Texas to criminal money laundering charges related to the same alleged misdeeds.

The Securities and Exchange Commission accuses McKelvey, 58, of arranging more than 300 unauthorized disbursements from customer accounts held by his mother, only identified in court documents by the initials C.M., and his mother-in-law, identified as D.D. The transactions, according to the SEC, occurred between June 2013 and February 2022.

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