Stockbroker pleads guilty to fraud charge

A junior partner in failed Cork stockbrokers, W&R Morrogh, has pleaded guilty at Dublin Circuit Criminal Court to fraudulently converting almost Stg £17,000.

Stephen Pearson, aged 43, from North Esk, Glanmire, Cork, who is facing a further 46 charges involving about Irl£4.5m, made up in both Irl£ and Stg£, has been remanded on bail by Judge Desmond Hogan for sentence on June 29.

He pleaded guilty to fraudulently Stg £16,933.40 having been received by him on September 21, 2000.

W&R Morrogh went bust in 2001 with liabilities estimated at €12m. The collapse came after Pearson lost millions trading financial futures.