– 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.
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
a trustee of the non-profit Esther C. and
Paul H. Weil Foundation, Mullins had access
to the foundation’s funds. Prior to
becoming a trustee, Mullins was a personal
financial advisor for both Esther and Paul
Weil, who are both now deceased.
pleading guilty, Mullins admitted that between
April and July 2006, he purchased $5,500
in gift certificates at Boyds Department
Store using the foundation’s credit
card and used them for his personal use.
Mullins also admitted that he charged the
foundation’s account $1,634 to purchase
for himself 23 bottles of Beringer Private
Reserve Cabernet at Morton’s Steakhouse
in Atlantic City.
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.
February 2008, the New Jersey Bureau of
Securities suspended Mullins’ agent
and investment advisory registration. By
doing so, Mullins was effectively barred
from working in the state’s 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 Mullins’ registration is pending
with the Office of Administrative Law.
Cheryl Smith and Deputy Attorney General
Marysol Rosero of the Division of Criminal
Justice – 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.
pleading guilty, Mullins was immediately
admitted into the pre-trial intervention
program. Mullins previously paid the $7,100