Ex-stockbroker charged over €5.8m fraud

A FORMER stockbroker was yesterday charged over the misappropriation of €5.8 million of shareholders' funds in the biggest securities fraud in the history of the State.

Stephen Pearson, a 43-year-old father of three, was arrested at 9.40am and brought to the Bridewell Garda Station in Dublin before being taken to Dublin District Court.

Pearson, who is now unemployed, was a junior partner in Cork's oldest stockbroking firm, W&R Morrogh of South Mall, which collapsed in 2001 with debts of almost €10 million.