Stockbroker gets two years added to jail term

A FORMER monk turned stockbroker whose fradulent use of clients’ money led to the collapse of one of Cork’s oldest stockbroking firms had his prison sentence increased to five years yesterday.

Former Benedictine monk Stephen Pearson, aged 45, a father of three from North Esk, Glanmire, was a partner in W&R Morrogh, a 114-year-old firm, when he used €5.5 million of clients’ funds to play the stock market.

The company collapsed with losses of €7m.