Richard Garaventa, a New Jersey former VP in the operations division of Morgan’s institutional securities business, was sentenced today to between two to six years prison for stealing $2.5 million from the bank.
He was fired last January and indicted last February. We could feel bad for the guy, as he did use the money to make his mortgage payments. On the other hand, he had the bad idea to also use it to buy “luxury goods,” (airline tickets to Aruba and Florida, at least $30,000 in jewelry purchases, car services and restaurants as well as to make tens of thousands of dollars in cash withdrawals) which well, kind of wipes out any ounce of compassion.
His scheme went on from 2001 to 2008 and was finally discovered during internal reviews of the in-house Morgan Stanley account while he was on a vacation paid for with stolen money. (Karma anyone?)