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Morgan Stanley

Paul Galvez, Filipino Immigrant From Sussex County, Dies, 50 Paul Galvez, Filipino Immigrant From Sussex County, Dies, 50
Paul Galvez, Filipino Immigrant From Sussex County, Dies, 50 Paul Errol Galvez, a longtime Sparta resident, died on Tuesday, May 14, at the age of 50, according to his obituary on the Goble Funeral Home site. "EG" as he was known to his family, was the eldest of three children and grew up in the Philippines, his obituary reads. Growing up, he enjoyed reading, playing video games and reading comic books, along with  weekly visits with his grandparents,  according to his obituary. He later moved to Sparta, graduating from Sparta High and studying International Business at Rutgers University, working in financial services at ING, Morgan S…
Feds Indict Bergen Advisor For Stealing $3M From Senior Clients To Gamble, Buy Home, Gold Coins Feds Indict Bergen Advisor For Stealing $3M From Senior Clients To Gamble, Buy Home, Gold Coins
Feds Indict Bergen Advisor For Stealing $3M From Senior Clients To Gamble, Buy Home, Gold Coins A disgraced former broker and investment advisor is now under federal indictment for stealing more than $3 million from clients that authorities said he used to gamble and buy gold coins and a new house in Bergen County. Kenneth A. Welsh, 42, of River Edge, "used his position as an investment advisor to gain the trust of his victims," U.S. Attorney Philip R. Sellinger said. "(He) then exploited that trust,” Sellinger said. Welsh was working at Wells Fargo Clearing Services in Fairfield when federal authorities said he began shifting money from clients' accounts to that he controlled in Ju…
Billion-Dollar Stock Fraud: Indicted Bergen County Businessman Freed On $100M Bond Billion-Dollar Stock Fraud: Indicted Bergen County Businessman Freed On $100M Bond
Billion-Dollar Stock Fraud: Indicted Bergen County Businessman Freed On $100M Bond A Bergen County businessman was arrested by federal agents on charges of orchestrating a massive market manipulation scheme that caused one of the biggest Wall Street trading collapses in history. Sung Kook “Bill” Hwang put the entire financial system at risk by conspiring with his former chief financial officer to boost profits for his Archegos Capital Management by lying to banks to inflate the stock prices of publicly traded companies, federal prosecutors said on Wednesday, April 27. The fraud scheme ballooned Hwang’s personal fortune from $1.5 billion to more than $35 billion in a singl…
Hochul Decides On Lieutenant Governor, Reports Say Hochul Decides On Lieutenant Governor, Reports Say
Hochul Decides On Lieutenant Governor, Reports Say Kathy Hochul has hit the ground running in her opening two days as New York governor, reportedly choosing her top lieutenant a day after taking office. Hochul, who officially took over from former Gov. Andrew Cuomo on Tuesday, Aug. 24, has reportedly tapped State Sen. Brian Benjamin to serve as her lieutenant governor. Benjamin, a Democrat representing Harlem and other parts of Manhattan, was first elected to the State Senate in 2016 and has served two terms. He previously ran for New York City comptroller but lost in the primary in June to City Councilman Brad Lander. Incoming Lt. Gov…
Republican Takes Fairfield County State Senate Seat In District Biden Won By 25 Points Republican Takes Fairfield County State Senate Seat In District Biden Won By 25 Points
Republican Takes Fairfield County State Senate Seat In District Biden Won By 25 Points A Republican candidate from Connecticut was elected to the State Senate to reclaim a seat for the GOP in a special election in a district that was overwhelmingly won by President Joe Biden in the 2020 presidential election. Ryan Fazio was elected to the seat in Fairfield County on Tuesday, Aug. 17 in the 36th District in a special election that was forced by the resignation of Democrat Alex Kasser, who cited a contentious divorce from a top Morgan Stanley executive last year as a reason to step down. According to the GOP, the 36th Senate District was overwhelmingly won by Biden in 2020 by…
State Senator From Fairfield County Abruptly Resigns, Citing Ongoing Struggle With Divorce State Senator From Fairfield County Abruptly Resigns, Citing Ongoing Struggle With Divorce
State Senator From Fairfield County Abruptly Resigns, Citing Ongoing Struggle With Divorce A popular state senator from Fairfield County has abruptly resigned after citing struggles with an ongoing divorce. State Sen. Alex Kasser, a Democrat from Greenwich, announced her resignation on Twitter Tuesday, June 22, citing the strain of her long-running divorce. "It is with deep sadness that I announce my resignation as State Senator," Kasser said. "Serving the residents of Connecticut’s 36th Senate district has been a profound honor and a great joy. However, due to personal circumstances, I cannot continue." Kasser said she has been trying to divorce Seth Bergstein, a Morgan St…
Mahwah Financial Advisor Siphoned $1 Million From 98-Year-Old Widow's Account, State Says Mahwah Financial Advisor Siphoned $1 Million From 98-Year-Old Widow's Account, State Says
Mahwah Financial Advisor Siphoned $1 Million From 98-Year-Old Widow's Account, State Says A financial adviser from Mahwah pocketed nearly $700,000 and diverted another $300,000 or so of a 98-year-old widow’s money, said state authorities who stripped him of his ability to operate any longer in New Jersey. John Joseph Cahill, 71, used the woman’s bank account to write and cash $693,990 worth of checks, state Attorney General Gurbir S. Grewal said Friday. Cahill also used the account to pay his daughter, his wife, and various others more than $300,000 to provide unexplained services to the woman, the attorney general said. Cahill had been granted power of attorney for the victim,…
Don Jr. Leaves NY As City Cancels Trump Organization Contracts, PGA, Corporate America Cut Ties Don Jr. Leaves NY As City Cancels Trump Organization Contracts, PGA, Corporate America Cut Ties
Don Jr. Leaves NY As City Cancels Trump Organization Contracts, PGA, Corporate America Cut Ties Donald Trump Jr. has become the latest member of the First Family to flee New York amid more fallout tied to the circumstances surrounding his father's unprecedented second impeachment. According to reports, Trump Jr. is following in the footsteps of his sister, Ivanka, who already left New York to establish residence in Florida. The move comes as the PGA moved the 2022 championship from the Trump golf course in Bedminister, New Jersey, and corporate America began severing all ties with the much-maligned president. Reports stated that Trump Jr. is looking at homes in Jupiter, Florida, less…
Morgan Stanley Cutting Jobs Due To Uncertain Global Environment, Report Says Morgan Stanley Cutting Jobs Due To Uncertain Global Environment, Report Says
Morgan Stanley Cutting Jobs Due To Uncertain Global Environment, Report Says Wall Street giant Morgan Stanley will be cutting hundreds of jobs due to an “uncertain global economic outlook,” according to a new report. Morgan Stanley will be cutting approximately 1,500 jobs - roughly 2 percent of its workforce - impacting employees in technology, operations, sales trading, and research. The New York-based bank currently employees more than 60,000 people. According to CNBC, in October, Morgan Stanley posted third-quarter profit and revenue figures that beat analysts’ expectations. The company produced $10.1 billion in revenue, exceeding analysts’ estimates by appr…
Liam O'Connell, 40, Of Hoboken; Fought Cancer With 'Humor And Grace' Liam O'Connell, 40, Of Hoboken; Fought Cancer With 'Humor And Grace'
Liam O'Connell, 40, Of Hoboken; Fought Cancer With 'Humor And Grace' Liam Patrick O'Connell of Hoboken died at home Friday. He was 40 years old.  He died from a rare form of nueroendocrine cancer, which he battled for eight months with "humor and grace," loved ones said.  Born in Red Bank to Timothy and the late Catherine O'Connell, he graduated from Holmdel High School and Boston College before embarking on a successful career as a financial adviser. He worked for Merrill Lynch for 15 years and finished his career with Morgan Stanley.  Along with his father, he is survived by his wife Stefanie; brothers Tim O’Connell Jr and Sean O’Conne…
Long Island Man Sentenced For Stealing $1M From Dead Woman’s Estate, Possessing Child Porn Long Island Man Sentenced For Stealing $1M From Dead Woman’s Estate, Possessing Child Porn
Long Island Man Sentenced For Stealing $1M From Dead Woman’s Estate, Possessing Child Porn A Long Island man will spend more than a decade behind bars after he stole $1.2 million from a dead woman’s estate and was busted with child pornography. John Derounian, 51, of Sea Cliff, has been sentenced at the Central Islip Courthouse to 51 months in prison for mail fraud, and 70 months in prison for possession of child pornography - a total of 121 months - pleading guilty to the charges in June last year. As part of his sentence, Derounian has also agreed to pay $1,403,209.17 in restitution for his theft of more than $1.2 million from the estate of a deceased woman and was levied a $10…
Westchester's Kristin Kiley, Morgan Stanley Executive, Dies At 46 Westchester's Kristin Kiley, Morgan Stanley Executive, Dies At 46
Westchester's Kristin Kiley, Morgan Stanley Executive, Dies At 46 A Morgan Stanley executive and wife, mother, daughter and sister in Westchester died on Tuesday, Jan. 29 after battling leukemia. Kristin Kiley of Bronxville was 46. She was the wife of John R. Kiley, mother of Ryan, daughter of Joseph and Nancy Gallagher, sister of Kara Gallagher, and adored stepmother of Ashley, Lauren and John.  Kristin was a graduate of Loyola College in Maryland and went on to become Executive IT Recruiter for Morgan Stanley up until the time of her death.  Kristin lived life with the utmost grace and positivity. She looked at each day with gratitude a…
Northern Westchester Hedge Fund Manager Sentenced, Ordered To Pay $22M For Ponzi Scheme Northern Westchester Hedge Fund Manager Sentenced, Ordered To Pay $22M For Ponzi Scheme
Northern Westchester Hedge Fund Manager Sentenced, Ordered To Pay $22M For Ponzi Scheme A former hedge fund manager from Northern Westchester will spend nearly a decade behind bars after defrauding 45 investors out of more than $22 million through an elaborate Ponzi scheme that allowed him to live a lavish lifestyle. Michael Scronic of Pound Ridge, the former manager of the Scronic Macro Fund has been sentenced to 96 months in prison, Geoffrey Berman, the United States Attorney for the Southern District of New York, announced on Thursday. Scronic was also sentenced to three years of supervised release and must pay $22,026,427 in restitution to his victims. Scronic, 46, admitte…
Westchester Community College Marks Return Of Celebrity Salon Series Westchester Community College Marks Return Of Celebrity Salon Series
Westchester Community College Marks Return Of Celebrity Salon Series This year's Westchester Community College Celebrity Salon Series includes national figures from the fields of literature, media, politics and music. As the first series of its kind in Westchester County, these events continue to attract top names who help the Westchester Community College Foundation raise funds for student scholarships.  All events take place in private homes; the series will be held as follows: Presidential Profiles Thursday, April 19 at 7:00 p.m. Hosts: Theresa and Mark Stagg Location: Purchase  Guest: H.W. Brands History professor H.W. Brands likes to say that he pushe…
Northern Westchester Hedge Fund Manager Pleads Guilty To $22M Ponzi Scheme Northern Westchester Hedge Fund Manager Pleads Guilty To $22M Ponzi Scheme
Northern Westchester Hedge Fund Manager Pleads Guilty To $22M Ponzi Scheme A former hedge fund manager from Northern Westchester pleaded guilty Thursday to defrauding 45 investors, many of them friends and neighbors, of $22 million in a Ponzi scheme. Michael Scronic of Pound Ridge, 46, pleaded guilty to one count of securities fraud, which carries a maximum sentence of 20 years in prison. He is scheduled to be sentenced by Judge Cathy Seibel on July 9.  “Michael Scronic lied about the performance of his investment fund, telling investors that his returns were as high as 13 percent," U.S. Attorney for the Southern District of New York Geoffrey S. Berman said. …
Nearly 600 'Distressed Mortgages' Bought In High Foreclosure Regions Nearly 600 'Distressed Mortgages' Bought In High Foreclosure Regions
Nearly 600 'Distressed Mortgages' Bought In High Foreclosure Regions Gov. Andrew Cuomo announced that the state's Community Restoration Fund has purchased 172 mortgages in an effort to bring owners in targeted communities out of foreclosure and keep the homes from abandonment.  According to this article in Daily Voice, foreclosures are at an 11-year high in New York state, while nationwide they are at an 11-year low.  The Community Restoration Fund has helped strengthen the financial position of homeowners, bringing stability back to the housing market in neighborhoods across the state, and preventing so-called "zombie properties," Cuomo said. Thi…