Ex-Morgan Stanley adviser arrested after allegedly defrauding NBA players out of millions

Former Morgan Stanley adviser Darryl Cohen was arrested Thursday after allegedly defrauding NBA players out of millions.

Cohen is accused of transferring roughly $13 million from his NBA clients into his personal accounts. Cohen was charged with one count of conspiracy to commit wire fraud and one count of wire fraud. If found guilty, Cohen could face up to 20 years in prison for each charge.

Cohen was also charged with one count of investment adviser fraud, which can result in a maximum of five years in prison, per the United States Department of Justice.

Cohen allegedly conspired with Brian Gilder, an independent financial planner, to allegedly defraud multiple athletes. Charles Briscoe, a former sports agent, and another man, Calvin Darden Jr., were also allegedly involved. All four men received one charge of conspiracy to commit wire fraud and one count of wire fraud. Briscoe was also charged with one count of aggravated identity theft.

The athletes are not named by the Department of Justice. Milwaukee Bucks point guard Jrue Holiday and former NBA players Chandler Parsons and Courtney Lee are reportedly all part of a lawsuit against Cohen. In that lawsuit, Holiday and his wife, former soccer player Lauren Holiday, accused Cohen of giving $7.7 million of their money to "dubious individuals," per the New York Times.

The Department of Justice alleged Cohen used some of the funds acquired from players to renovate his house, which included allegedly building an athletic training facility on his property and getting work done on his pool.