Financial Advisor Defrauded NBA Players

A former Morgan Stanley financial advisor has been convicted of fraud for stealing more than $5 million from at least three NBA clients, including Jrue Holiday.

Prosecutors from the Southern District of New York accused Cohen and others of exploiting his fiduciary relationships with NBA players.

As part of the scheme, Darryl Cohen convinced the NBA players, which included Chandler Parsons and Courtney Lee, to invest in life insurance policies.