Would-be monk faces sentencing for fraud
A former senior partner at a leading stockbrokers in Cork who had spent seven years training as a monk is to be sentenced today for defrauding clients of €4.6m.
Stephen Pearson, from North Esk, Glanmire, pleaded guilty to 47 counts of illegal dealing over six years from 1995 at W&R Morrogh Stockbrokers.
The 44-year-old had spent several years training as a monk at Glenstal Abbey before he conned €4.6m from clients to trade on high risk futures and options financial markets.
A 40% partner in W&R Morrogh, Pearson’s fraudulent deals forced the firm, which was regarded as an institution in Cork, to shut down.
And it also emerged at Dublin Circuit Criminal Court in June that the would-be monk has since sought help for a gambling addiction.
Pearson had inherited his stake in the stockbrokers when his father retired in 1997.
He went on to sell clients shares without their knowledge and used the proceeds to settle debts run up on loss-making deals on futures and options markets.
A four-year garda investigation revealed the father-of-three concealed his actions through false entries in electronic ledger accounts and also moved money between clients’ accounts to cover shortfalls.
