Prosecutor: Teaneck Man Charged With Double Dipping $150K From Morgan Stanely

A Teaneck man was charged with bilking Morgan Stanley Asia out of $150,000 authorities announced Tuesday.

Melvin Reed, 58, accepted a $150,000 commission payment from Morgan Stanley Asia, LTD in June 2008 in exchange for recruiting and employee to work for the company, said Bergen County Prosecutor John Molinelli.

Reed allegedly told Morgan Stanley that he had not received the check and asked for the funds to be wired to his bank account, which Morgan Stanley did, Molinelli said.

Reed allegedly opened up another bank account in 2014 and deposited the original $150,000 payment into it, Molinelli said.

Reed used the money to pay for personal expenses, Molinelli said.

Reed was charged with theft. He was scheduled to appear in Bergen County Central Municipal Court yesterday.

Pictured: Melvin Reed, 58/Courtesy of the Bergen County Prosecutor’s Office