A little local difficulty embarrasses Morgan Stanley

A Morgan Stanley banker stole more than £400,000 from clients’ accounts and spent it on women, gems and high-end benders.

The Daily Record & Sunday Mail reports that George Kalmar stole the cash while working at the Scottish HQ of Morgan Stanley.

Kalmar, 39, and two unnamed colleagues were sacked from the bank after the fraud was uncovered.

Another two members of staff resigned in the wake of the scandal, which can be revealed following Kalmar’s conviction at Glasgow Sheriff Court.

Prosecutors detailed a massive spending spree at Japanese restaurant Nobu in London’s Mayfair – a regular haunt for stars such as X Factor judge Nicole Scherzinger – the capital’s Tower Bar and Brasserie and the five-star Savoy Hotel.

He also spent vast sums at a high-end jewellers and paid money into the accounts of a string of women in London and abroad.

The court was also told that some of the cash was blown on unspecified 'adult entertainment' and drugs.

Hit the link below to access the complete Daily Record article:

Glasgow based investment banker convicted of stealing more than £400,000 from clients' accounts

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