MOORESTOWN, N.J. (WTXF/AP) - A financial adviser who allegedly stole nearly $900,000 from a client is now facing several charges.
Burlington County prosecutors say the victim gave the money to 46-year-old Brian Murphy with the belief it would be invested in mutual funds.
But they say the Hainesport man instead used the money to pay personal and business expenses. Some included fees at a local country club, a private school, established retail organizations, lending institutions, an automobile dealer and an attorney.
Murphy's Moorestown-based firm started receiving money from the victim in March 2011. Over the next four years, the victim transferred a total of $890,000 to Murphy to be invested in mutual funds overseen by a specific investment firm.
Eventually, the victim wanted to know what happened to the money.
According to prosecutors, "Murphy failed when requested by the victim to provide updates or statements about the status of the investment. When the victim pressed Murphy for information, he provided fictitious financial statements and a link to a bogus web page that he created in an attempt to satisfy the client’s demand for information."
Murphy is charged with theft by deception, misapplication of entrusted property, computer criminal activity, failure to file New Jersey tax returns, filing of fraudulent New Jersey tax returns and failure to pay New Jersey taxes.
It wasn't known Sunday if he has retained a lawyer.