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19/06/2013 - Last News Update: 07:46
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Ex-Morgan Stanley banker admits bribing China official
Published: 26th Apr 2012 03:29:30
A former Morgan Stanley executive, Garth Peterson, has pleaded guilty to bribing a Chinese official in exchange for business and personal gain.
US authorities alleged that Mr Peterson paid money to the official to win investments for the bank.
Mr Peterson, who was head of the bank's real estate investments division in China, is also accused of secretly acquiring valuable property in China.
He faces up to five years in prison and a fine of $250,000 (£155,000).
"Mr Peterson admitted today that he actively sought to evade Morgan Stanley's internal controls in an effort to enrich himself and a Chinese government official," said Lanny Breuer, Assistant Attorney General.
Morgan Stanley has not been charged in the case.
Source:
BBC NewsExternal LinkShow Citation
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Harvard Citation
BBC News, 2012. Ex-Morgan Stanley banker admits bribing China official. [Online] (Updated 26 Apr 2012)Available at: http://www.ukwirednews.com/news.php/1424665-Ex-Morgan-Stanley-banker-admits-bribing-China-official [Accessed 19th June 2013]
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