Former monk's sentence extended over stockbroking fraud

A former monk turned stockbroker whose fraudulent use of clients' money led to the collapse of one of Cork's oldest stockbroking firms had his prison sentence increased to five years today.

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