A former vice president of Morgan Stanley is to plead guilty to charges of stealing $2.5 million from the company.According to Bloomberg, defense attorney Larry Ferdella stated Richard Garaventa Jr has submitted a letter accepting responsibility for the theft.He is said to have written 50 checks to a company he set up between 2001 and 2008 in order to accrue the money, which he then spent on jewelry, cars and traveling.The prosecution has recommended a prison sentence of between two and six years and Acting State Supreme Court Justice Gregory Carro said that Mr Garaventa’s $500,000 property may be repossessed, stating: “The defendant was living a lifestyle he couldn’t afford. He should no longer live that lifestyle and that includes that house.”Mr Garaventa is expected to return to court on July 21st and could also be ordered to pay restitution of $250,000.
Posts Tagged ‘Garaventa’
Former Morgan Stanley VP indicted over $2.5m embezzlement
February 21st, 2009 
Before You Invest A former vice-president at the Wall Street investment bank Morgan Stanley has been arrested and charged with embezzling more than $2.5 million from the firm. According to the Associated Press, Richard Garaventa Jr pleaded not guilty in a Manhattan court to charges including grand larceny. Prosecutors say Mr Garaventa was authorized to request or approve checks from one of the bank’s in-house accounts to cover certain corporate expenses. Between September 5th 2001 and December 24th 2008, he is alleged to have used this position to authorize the release of over $2.5 million, which he misappropriated to buy luxury items including Mercedes and Lexus cars, jewelry and holidays.
Posted in Finance Fraud 
Tags: 5 Million, 5m, Associated Press, Corporate Expenses, December 24th, Embezzlement, Former Vice President, Garaventa, Grand Larceny, House Accounts, Innocence, Investment Bank, Lexus, Lexus Cars, Luxury Items, Manhattan Court, Morgan Stanley, Prosecutors, Vp, Wall Street Investment 
Comments OffFormer Morgan Stanley Broker Prosecuted for Theft
February 19th, 2009 Before You Invest A former Morgan Stanley vice president was arraigned on a 43-count indictment for stealing $2.5 million from the company over a seven-year period.Richard Garaventa Jr., an ex-vice president in operations, wrote 50 company checks between Sept. 5, 2001, and Dec. 24, 2008, ranging from $8,670 to $74,812, made out to a firm he made, according to the indictment obtained by Manhattan District Attorney Robert Morgenthau and filed Feb.
Posted in Finance Fraud Tags: 5 Million, Admission, Airfare, Cash Withdrawals, Chase Co, Checking Account, Company Checks, Count Indictment, Dec 24, Dozens, Garaventa, Jpmorgan Chase, Manalapan New Jersey, Manhattan District Attorney, Morgan Stanley, Morgan Stanley Representative, New York In August, Prosecutors, Robert Morgenthau, Thousands Of Dollars No Comments »
