NJ Financial Advisor Charged With Stealing From Client

MOUNT HOLLY, N.J. (CBS) -- A Moorestown financial advisor is facing charges for allegedly stealing $900,000 from a client who gave him the money to be invested in mutual funds.

The charges were announced by the Burlington County Prosecutor's Office on Friday.

Officials say that Brian Murphy, 46, was arrested and charged with theft by deception, misapplication of entrusted property, computer criminal activity, failure to file New Jersey tax returns, filing fraudulent New Jersey tax returns and failure to pay New Jersey taxes.

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According to investigators, instead of investing the money, Murphy used it to pay business and personal expenses. Among those expenses, officials say, were country club expenses, private school tuition, costs at retail stores, debts at lending institutions, fees to an attorney and money spent at car dealers.

Officials also say the Murphy was doing business under the name of Murphy Financial Advisors in Moorestown when the victim started giving him money in 2011. They add that Murphy never provided the victim with updates on the status of any investments and eventually provided fake financial statements and links to fraudulent websites to satisfy the customer.

The victim then reached out to the investment firm and was told that no money was invested on their behalf. The victim confronted Murphy and authorities say Murphy tried to get the victim to sign a promissory note indicating that money was loaned to Murphy.

Officials also accuse Murphy of underreporting taxable income in 2012, 2014 and 2015 and did not file a tax return in 2013.

Anyone who believes that may have been victimized is asked to contact the Burlington County Prosecutor's Office at 609-265-5035.