Former Morgan Stanley Advisor Accused of Defrauding NBA Players of $13 Million

Former Morgan Stanley advisor Darryl Cohen has been charged with wire fraud and investment advisor fraud for allegedly defrauding current and former NBA players out of $13 million. Cohen and three others, including former NBA players agent Charles Briscoe, are accused of inducing the players to purchase overpriced life insurance policies that Cohen later used for personal expenses. The DOJ also claimed that Cohen directed the players to give donations to a nonprofit, which he ultimately used to build athletic facilities in his backyard. Morgan Stanley fired Cohen in 2021 for "transactions not disclosed to or approved by Morgan Stanley and use of an unapproved platform to engage in inappropriate communications with clients."