A Moorestown-based financial adviser took $890,000 from a client and spent it on personal and business expenses, including a country club, a car dealership, and a private school, authorities said.
Brian Murphy, 46, of Hainesport, was charged Friday with theft by deception, misapplication of entrusted property, computer criminal activity, and failure to file New Jersey tax returns. He did businesses under the name Murphy Financial Advisors in Moorestown, authorities said.
The client invested with Murphy for four years, starting in 2011, but received little information on the status of the investment, the Burlington County Prosecutor’s Office said. At one point, Murphy tried to reassure the client by providing fictitious financial statements, authorities said.
The client confronted Murphy after learning none of the money had been invested. Murphy then tried to have the client sign a document saying the money was a loan, the prosecutor’s office said.
Any other clients who suspect their funds were mishandled can call the prosecutor’s office at 609-265-5035 and speak to a detective in the Financial Crimes Unit.