Financial consultant charged with theft, tax fraud in Burlington County
A financial consultant with a practice in Moorestown is accused of pocketing $890,000 of a client's money in a span of four years and hiding it from his income tax returns.
Brian Murphy, 46, of Hainesport, had his first appearance today in Burlington County Court on six related charges, according to County Prosecutor Robert D. Bernardi
Investigators allege that the client began forwarding checks to Murphy in 2011, through the Murphy Financial Advisors firm, for investment in mutual funds.
Instead, authorities said, Murphy used it to pay expenses connected to a country club, a private school, a lawyer, an automobile dealership, lenders, and retail purchases.
Murphy allegedly responded to the victim's requests for status updates with fabricated financial statements and a fictitious web page.
In a subsequent conversation with the investment firm purportedly handling the account, the client was told that no record existed of deposits on the victim's behalf by Brian Murphy, investigators said.
Confronted by the victim, Murphy allegedly tried to coax the client into signing a promissory note, which would have indicated a loan agreement between them.
Investigators contend that Murphy under-reported taxable income to the state in 2012, 2014 and 2015, and filed no New Jersey return in 2013.
Murphy faces second-degree charges of theft by deception, misapplication of entrusted property, and computer criminal activity, and third-degree counts of failure to file New Jersey tax returns, filing of fraudulent New Jersey tax returns, and failure to pay New Jersey taxes.
The investigation, by state and local authorities, is still open. Anyone who suspects misdealings is urged to call the Burlington County Prosecutor's Finanical Crimes Unit, 609-265-5035.
Charges are accusations. Defendants are presumed innocent unless, and until, found guilty in a court of law.