Money from 20 clients used to cover losses

SOME 20 clients of the collapsed W&R Morrogh Stockbroking firm were defrauded to the tune of around €5 million.

The Circuit Criminal Court in Dublin heard yesterday that over a period of six years, Morrogh’s junior partner, Stephen Pearson, fraudulently converted millions of euro of clients’ money to cover losses he had racked up on futures and options trading.

Mr Pearson has pleaded guilty to 47 charges, ranging from fraudulently converting money for his own use or benefit and forgery. He will be sentenced later this year.