Ex-broker accused of stealing $1.6M to buy home in upscale neighborhood

A former stock broker has been accused of taking $1.6 million from two New York City residents, transferring the cash to a fictitious company and using it to buy a home in Morristown, prosecutors said.

David Seigerman has been charged with two counts of theft by deception, Morris County Prosecutor Fredric Knapp said in a statement. 

Seigerman allegedly convinced the two residents to transfer $1.6 million to the fictitious company he created in Florida. The victims put money into the account between July 2010 and April 2015. 

Seigerman, 47, allegedly used that money to purchase a home on Normandy Parkway in Morristown, the statement said.

According to the Financial Industry Regulatory Authority, Seigerman has been an acting as a broker or associating with a broker-dealer firm for 20 years and has previously worked for Morgan Stanley in Florham Park and Janney Montgomery Scott in Bedminster.

The authority permanently barred him from working in the securities industry in 2016.

Joe Brandt can be reached at jbrandt@njadvancemedia.com. Follow him on Twitter @JBrandt_NJ. Find NJ.com on Facebook.

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