Ex-Morgan Stanley exec pleads guilty to $2.5M theft from firm
A former Morgan Stanley executive is in jail after pleading guilty yesterday to stealing $2.5 million from the company over a period of seven years.
A former Morgan Stanley executive is in jail after pleading guilty yesterday to stealing $2.5 million from the company over a period of seven years.
Richard Garaventa, formerly vice president in the operations division of Morgan Stanley’s institutional securities business, pleaded guilty to charges of larceny and falsifying business records.
He was accused of writing 50 checks between 2001 and 2008 to a company he created.
Mr. Garaventa also pleaded guilty to opening bank accounts at JPMorgan Chase & Co. of New York and of issuing himself checks ranging from $3,000 to more than $50,000.
He faces two to six years in prison and has agreed to pay restitution in the amount of $250,000.
“The conduct by a former rogue employee is in direct violation of the firm’s values and policies. We reported this matter to the authorities and have provided every assistance to their investigation” Mary Claire Delaney, a spokeswoman for New York-based Morgan Stanley, wrote in an e-mail today.
Mr. Garaventa was remanded to jail after a hearing in New York State Supreme Court in Manhattan.
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