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29 November 2007

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An investment banking analyst who worked for Morgan Stanley has pleaded guilty to larceny charges and will now face up to four-and-a-half years in prison.

We Jin Shon, a Canadian who worked in the UK as an investment banking analyst for Morgan Stanley, admitted to stealing $572,000 from the US state tax department and attempting to embezzle $4.64 million in bogus tax refunds.

Mr Shon pleaded guilty to grand larceny and attempted grand larceny and will now serve between one-and-a-half and four-and-a-half years.

The 25-year-old was also ordered to repay the New York state tax department $282,863, the Associated Press reports.

Barbara Thompson, a spokeswoman for the Manhattan district attorney's office, said that Mr Shon attempted to get refunds worth $5,212,532 in total by electronically filing 30 state personal income tax returns using aliases, from March 18th to April 27th.

Mr Shon's fake returns purported to be from investment bankers, traders, brokers and managing directors, Ms Thompson said, with refunds ranging from $123,148 to $232,542.

However, Samuel Gregory, Mr Shon's lawyer, said his client was simply a young man "who got himself in debt in amounts he was incapable of paying and made a terrible mistake".

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