A stockbroker was charged today at Dublin District Court in relation to the misappropriation of €5.8 million of shareholders' funds.
Mr Stephen Pearson (43), from North Esk, Glanmire, Co Cork, was arrested at 9.40 a.m. and brought to the Bridewell Garda Station in Dublin. Mr Pearson worked with the W & M Morrogh stockbroking firm in Cork, which collapsed in 2001 with debts of €10 million.
He was charged with 47 separate offences between 1995 and 2001 under the Larceny Act and the Forgery Act. The charges related to the forgery of documents and share-transfer forms, false pretences and fraudulent conversion.
Detective Sergeant Denis Heneghan said Mr Pearson replied to each charge that he had nothing to say.
Mr Pearson, dressed in a light green suit, was required under the bail conditions to reside at his address in Cork and to surrender his passport to gardaí. Judge Miriam Malone asked for an independent surety of €15,000 in order for Mr Pearson to be released on bail.
His brother Roger who was in the court provided evidence of share ownership for the surety but Judge Malone said she would require an up-to-date bank statement.