The players weren't named in the DOJ's announcement.
"These defendants believed that defrauding their professional athlete clients of millions of dollars would be a layup. That was a huge mistake, and they now face serious criminal charges for their alleged crimes," said Damian Williams, the U.S. Attorney for the Southern District of New York, in a Thursday announcement.Financial Industry Regulatory Authority profile
. The DOJ said in its indictment document that the alleged fraud schemes took place from roughly 2017 to 2020. 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," according to FINRA filings.
"We fully cooperated with the investigation and have resolved clients' claims related to Mr. Cohen," Morgan Stanley said in a statement."Mr. Cohen was terminated from the Firm in March 2021 and has since been barred from the securities industry by FINRA."Cohen on Thursday for allegedly defrauding Holiday, Parsons and Lee out of over $1 million.The three basketball players had previously filed claims against Morgan Stanley with FINRA. Those cases were later settled.
Correction: This story was updated to reflect that there were multiple alleged schemes resulting in a total $13 million of fraud.
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