Former financial advisor charged in alleged $1.6M theft

FLORHAM PARK, NJ (Morris County) –  A former financial representative of Morgan Stanley, located in Florham Park, and Janney Montgomery Scott, located in Bedminster, has been charged after an investigation into an alleged theft of approximately $1.6 million from two New York City residents, Morris County Prosecutor Fredric M. Knapp and Florham Park Police Chief Joseph Orlando.

David A. Seigerman, 47, of Florida was charged with two counts of second-degree theft by deception.

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 of 2010 and April of 2015.

These funds were allegedly and subsequently used by Seigerman 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 in 2016.

Prosecutor Knapp would like to thank Detective Thomas Gallagher of the Morris County Prosecutor’s Office Financial Crimes Unit and Detective Michael Neilan of the Florham Park Police Department for their hard work and dedication during this investigation.

This joint investigation was conducted by the Florham Park Police Department and the Morris County Prosecutor’s Office.

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By: Jay Edwards Follow on Twitter | Like on Facebook