A stock broker from Trophy Club has pleaded guilty to leaving his clients broke through a money laundering scheme.
Doug McKelvey, 58, pleaded guilty to money laundering charges before U.S. Magistrate Judge Kimberly C. Priest Johnson on Tuesday.
Federal prosecutors say instead of investing money in stocks, McKelvey invested his clients money in himself. They say McKelvey treated himself to personal trips, cruises, restaurants, salons and other personal expenses.
According to information presented in court, from 2009 to 2022, McKelvey, a vice-president and financial advisor at Morgan Stanley, misappropriated at least $1.5 million of investor funds held in brokerage accounts.
McKelvey was a Morgan Stanley broker for 12 years. Before that, he was registered with Citigroup and previous to that with UBS Financial. He worked for 20 years in the industry.
McKelvey faces up to 10 years in federal prison. He will be sentened at a later date.
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