- Mar 24, 2011
He gets 5 years in a state penitentiary while our captains of industry walk freeFraud confirmed.
Guilty plea tendered by former executive facing charges over actions that rooked the NTMA, among others.
SS say they 'accept responsibility' but they are out the gap long ago, the NTMA having accepted money to settle.
'A former executive at State Street has agreed to pleaded guilty to being involved in the fraudulent overcharging of customers including the National Pension Reserve Fund (NPRF) as it helped the Irish agency sell off €10 billion of assets during the financial crisis.
Edward Pennings, a former senior managing director with State Street in London, faces up to five years in prison and a fine of $250,000 after agreeing to plead guilty to conspiring to commit wire fraud and securities fraud, according a filing from the US Justice Department to federal court in Boston this week.'
Former State Street manager pleads guilty to overcharging Irish State fund