Ex-Morgan Stanley Adviser Charged With Cheating NBA Players (2)

A former Morgan Stanley investment adviser and three others were charged with defrauding professional basketball players of $13 million, in the latest alleged scheme targeting pro athletes.

Federal prosecutors in New York on Thursday charged the former adviser, Darryl Cohen, along with a financial planner, an NBA agent and a former stockbroker in two schemes to cheat players.

The US claims Cohen and the financial planner, Brian Gilder, fraudulently convinced three of the unidentified players to buy life insurance policies at markups as high as 310%. He used some of the money to pay off his credit card bill, for ...