NEW YORK - A former vice-president at Wall Street firm Morgan Stanley has been arrested and charged with embezzling $2.5 million from the bank - one of only two survivors of Wall Street's five former investment banks during the crisis. Prosecutors allege Richard Garaventa was authorised to request or approve cheques from an in-house account to cover corporate expenses. They say he misappropriated over $2.5 million and spent it on luxury cars, jewellery, foreign holidays and the renovation of his New Jersey home. Garaventa pleaded his innocence to charges including grand larceny in a Manhattan court. If convicted, he faces up to 25 years behind bars.
More on Regulation
Isda AGM: Proposed trading book rules are “nuts” says BNP Paribas’ Ramambason
Isda AGM: Hedge fund plans to share non-cleared swaps around to reduce trading costs
Risk.net's coverage of Isda's 30th annual general meeting
Isda AGM: Canadian banks will start reporting LCR in second quarter
Sign up for Risk.net email alerts
Sponsored video: Elseware
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.