Ex-Morgan Stanley real estate executive Garth R. Peterson was sentenced to nine months in prison for transferring multi-million dollar interests in a Shanghai building from his employer to himself and a Chinese official.
Bloomberg reports that Peterson, 43, was sentenced Thursday by U.S. District Judge Jack B. Weinstein in Brooklyn, New York, for conspiring to circumvent internal bank controls required under the Foreign Corrupt Practices Act. He faced as long as five years in prison.
'I was on the wrong track', Peterson told Weinstein after his lawyers pleaded for leniency, citing his cooperation with the U.S. and the fact that he has a wife and children in Singapore.
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In the meantime, CNBC reports that if you were hoping that the trial of the soccer mom accused of running a high-end prostitution ring on Manhattan’s Upper East Side would reveal the identities of her allegedly wealthy client list, you’ll be disappointed to learn that the judge in the case pretty much ruled that possibility out now.
The judge warned prosecutors that the trial would be focused on the single incident on which the charges against her are based. That means prosecutors probably won’t be revealing any of the names of alleged clients that they turned up during their five year investigation of Gristina.
Finally, Reuters reports that, according to Wall Street compensation consulting firm Johnson Associates, Wall Street bonuses are actually likely to rise a little for this year - except if you are in M&A.
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