Ex-Morgan Stanley 'rising star' jailed

Money On Hook

A former executive at global financial services firm Morgan Stanley has been jailed for embezzling almost $650,000 to fund a lavish lifestyle.

The BBC reports that George Kalmar, 39, from Glasgow, spent the money on drugs, prostitutes and top restaurants and nightclubs.

He admitted transferring money to dormant accounts then transferring it on to personal and other accounts.

Jailing Kalmar for two years, Sheriff John Baird told him custody was the 'only appropriate sentence'.

Glasgow Sheriff Court heard how Kalmar began working for the firm in January 2007 in Budapest, but later moved to its Glasgow office.

He was once described as a brilliant banker and 'rising star' within Morgan Stanley.

He gave instructions to junior staff to make payments into dormant accounts which was later transferred into his personal accounts or to accounts of associates.

To access the complete BBC article hit the link below:

'Drugs and prostitutes' banker George Kalmar jailed

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