Morris County Prosecutor Fredric M. Knapp and Florham Park Police Chief Joseph J. Orlando announce the arrest of David A. Seigerman, 47, a former financial representative of Morgan Stanley and Janney Montgomery Scott, on two counts of Theft by Deception (second degree), stemming from an investigation into an alleged theft of approximately $1,600,000.00 from two New York City residents.
Officials say the investigation determined that Seigerman accomplished this alleged theft by creating a fictitious company registered in Florida and convincing the victims to transfer money into the company’s bank account between July 2010, and April 2015.
According to authorities, the funds were allegedly and subsequently used by the defendant for his own benefit, including the purchase of a home on Normandy Parkway in Morristown. Seigerman was barred from acting as a broker or otherwise being associated with a broker-dealer firm by the Financial Industry Regulatory Authority (FINRA) in 2016.
A criminal complaint is merely an accusation. Despite this accusation, the defendant is presumed innocent unless or until he/she has been proven guilty beyond a reasonable doubt in a Court of law.