- Associated Press - Thursday, June 29, 2017

BOSTON (AP) - A former executive of Boston-based State Street Corp. has pleaded guilty to conspiring to defraud at least six of the bank’s clients through secret trading commissions.

Edward Pennings, of England, entered guilty pleas in federal court Wednesday to conspiracy to commit securities fraud and wire fraud.

Prosecutors say Pennings conspired to add secret commissions to fixed-income and equity trades performed for clients of the bank’s transition management business.

Pennings was a senior managing director of the bank and headed its Portfolio Solutions Group for Europe, the Middle East and Africa.

He was charged in a 2016 indictment with a former executive vice president. Sentencing is scheduled for Dec. 11.

The charges against his co-defendant are still pending.

An attorney for Pennings did not immediately respond to a request for comment.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More

Click to Hide