November 14, 2018 / 11:02 PM / 2 years ago

Ex-State Street exec gets six months in prison for defrauding clients

A former State Street Corp executive was sentenced on Wednesday to six months in prison for participating in a scheme to overcharge customers of the bank by applying secret commissions on billions of dollars’ worth of securities trades.

Edward Pennings, a former senior managing director in State Street’s London office, was sentenced by U.S. District Judge Leo Sorokin in Boston after pleading guilty in 2017 to conspiring to commit wire fraud and securities fraud.

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