Ex-Morgan Stanley Adviser to NBA Players Goes on Trial for Fraud

A former Morgan Stanley investment adviser accused of defrauding National Basketball Association players out of millions of dollars went on trial in New York federal court.

Jurors on Thursday heard opening statements in the trial of Darryl Cohen, who was charged with misleading Portland Trail Blazers guard Jrue Holiday and former NBA players Chandler Parsons and Courtney Lee into investing in life insurance policies for at least three times their actual cost, allegedly pocketing the difference with a co-conspirator.

Cohen, 52, has pleaded not guilty. In court, his lawyer, Michael Bloch, claimed Cohen was being made a scapegoat for misconduct ...