Prosecutors: Financial adviser stole nearly $900,000

MOORESTOWN, N.J. (AP) - A financial adviser who allegedly stole nearly $900,000 from a client is now facing several charges.

The victim gave the money to Brian Murphy, 46, with the belief that it would be invested in mutual funds, Burlington County prosecutors said. But they said the Hainesport man instead used the funds to pay personal and business expenses.

Murphy’s Moorestown-based firm started receiving money from the victim in March 2011. Over the next four years, the victim transferred a total of $890,000 to Murphy to be invested in mutual funds overseen by a specific investment firm.

When the victim pressed Murphy for information about his account, prosecutors say Murphy provided fictitious financial statements and a link to a bogus web page that he created. But when the victim then contacted the investment firm, he was told that no record existed of any money being deposited on the victim’s behalf by Murphy.

Murphy then allegedly tried to persuade the victim to sign a promissory note that indicated the victim had agreed to loan Murphy money, according to prosecutors.

Murphy faces several charges, including theft by deception, misapplication of entrusted property and computer criminal activity. It wasn’t known Sunday if he has retained an attorney.