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W & R Morrogh
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W & R Morrogh
W & R Morrogh was a 100-year-old Cork stockbroker firm that was wound up in April 2001 as a result of Ireland’s largest ever proven fraud. Originally a member firm of the Cork Stock Exchange this third and forth generation family stockbroker firm was both the last regional stockbroker firm and the last two-partner stockbroker firm in Ireland. It was a member of both the Irish Stock Exchange and the London Stock Exchange and also facilitated trading in New York and most European Bourses. The firm had two partners, Mr Alexander Morrogh (with a 60 per cent holding) and Mr Pearson (with a 40 per cent stake), both partners shared decedents of the original founders and were cousins. The collapse of the partnership occurred after the Stephen Pearson, the junior partner lost an estimated €12 million gambling on futures and options and fraudulently embezzling funds from clients to meet losses. Mr Pearson received a 2 year prison sentence for the crime, which represented was a very significant prosecution for the Gardaí. In 1993, on a considerably smaller scale Stephen Pearson used client monies and stocks without client authorisation in a similar manner but that these losses were made good by his father Mr Peter Pearson, a partner in the firm.
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