FORMER FINANCIAL ADVISOR PLEADS GUILTY TO MISUSING $7,100 FROM NON-PROFIT FOUNDATION
TRENTON Ė Attorney General Anne Milgram and Criminal Justice Director Deborah Gramiccioni announced today that a former financial advisor for Morgan Stanley and a trustee for a well-known Philadelphia non-profit foundation pleaded guilty to misusing $7,134 entrusted to him.
According to Director Gramiccioni, John Mullins, 54, of Margate, pleaded guilty today before Superior Court Judge Salem V. Ahto in Morris County to a criminal accusation charging him with third-degree misapplication of entrusted property.
As a trustee of the non-profit Esther C. and Paul H. Weil Foundation, Mullins had access to the foundationís funds. Prior to becoming a trustee, Mullins was a personal financial advisor for both Esther and Paul Weil, who are both now deceased.
In pleading guilty, Mullins admitted that between April and July 2006, he purchased $5,500 in gift certificates at Boyds Department Store using the foundationís credit card and used them for his personal use. Mullins also admitted that he charged the foundationís account $1,634 to purchase for himself 23 bottles of Beringer Private Reserve Cabernet at Mortonís Steakhouse in Atlantic City.
The Weil Foundation was a major contributor to arts organizations, such as The Choral Arts Society of Philadelphia, Tabernacle Choir of Philadelphia, the Philadelphia Orchestra, and the Curtis Music Institute.
In February 2008, the New Jersey Bureau of Securities suspended Mullinsí agent and investment advisory registration. By doing so, Mullins was effectively barred from working in the stateís securities industry. The Bureau of Securities referred the matter to the Division of Criminal Justice for further investigation and prosecution. The action regarding a permanent revocation of Mullinsí registration is pending with the Office of Administrative Law.
Detective Cheryl Smith and Deputy Attorney General Marysol Rosero of the Division of
Criminal Justice Ė Major Crimes Bureau coordinated the investigation. Attorney General
Milgram also thanked Investigator Isaac Reyes and Attorney-Investigator Pamela M. Geraghty with the New Jersey Bureau of Securities and Deputy Attorney General Christopher W. Gerold of the Division of Law.
After pleading guilty, Mullins was immediately admitted into the pre-trial intervention program.
Mullins previously paid the $7,100 in restitution.