A Trophy Club man has pleaded guilty to federal violations in the Eastern District of Texas, announced U.S. Attorney Damien M. Diggs today.
Doug McKelvey, 58, pleaded guilty to money laundering charges before U.S. Magistrate Judge Kimberly C. Priest Johnson on June 6, 2023.
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. The funds were supposed to be invested on behalf of his clients. Instead, McKelvey used the funds to pay for personal trips, cruises, restaurants, salons, and other personal expenses.
McKelvey faces up to 10 years in federal prison. The maximum statutory sentence prescribed by Congress is provided here for information purposes, as the sentencing will be determined by the court based on the advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled after the completion of a presentence investigation by the U.S. Probation Office.
This case is being investigated by the Federal Bureau of Investigation and prosecuted by Assistant U.S. Attorney Anand Varadarajan.
