Egan and McGarry sentenced over $60 million fraud
Robert Egan and Bernard McGarry of Mount Vernon Money Centre (MVMC) have been sentenced to 11 and five years in prison respectively for their parts in a $60 million fraud. Egan and McGarry defrauded various clients, including banks in receipt of Troubled Asset Relief Program (Tarp) funds.
Other money came from MVMC clients, which included retailers, hospitals and universities.
MVMC operated a number of cash management businesses in areas such as cash machine replenishment and armoured car
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