A financial adviser from Trophy Club pleaded guilty Tuesday to laundering client funds to pay for personal cruises and trips for more than a decade, according to a federal press release.
Doug McKelvey, 58, was a vice president and financial adviser at Morgan Stanley. McKelvey misappropriated $1.5 million of investor funds from 2009 to 2022, according to the U.S. Attorney’s Office Eastern District of Texas.
Doug McKelvey
These funds, held in brokerage accounts, were supposed to be invested on behalf of his clients. Instead, the release states, McKelvey used the funds to pay for personal trips, cruises, restaurants, salons and other expenses.
Before he was fired on April 8, 2022, McKelvey’s LinkedIn profiles states that he managed retirement accounts, “helped clients minimize taxes” and reviewed life insurance policies at Morgan Stanley for his 13-year tenure.
McKelvey faces up to 10 years in federal prison. His sentencing hearing will be scheduled after the U.S. Probation Office completes its pre-sentence investigation.
This case is being investigated by the FBI and prosecuted by Assistant U.S. Attorney Anand Varadarajan.
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BROOKE COLOMBO can be reached at 940-566-6882 and via Twitter at @brookecolombo.
