A former vice-president at the Wall Street investment bank Morgan Stanley has been arrested and charged with embezzling more than $2.5 million from the firm.
According to the Associated Press, Richard Garaventa Jr pleaded not guilty in a Manhattan court to charges including grand larceny.
Prosecutors say Mr Garaventa was authorized to request or approve checks from one of the bank's in-house accounts to cover certain corporate expenses.
Between September 5th 2001 and December 24th 2008, he is alleged to have used this position to authorize the release of over $2.5 million, which he misappropriated to buy luxury items including Mercedes and Lexus cars, jewelry and holidays. He is also accused of using company funds to renovate his New Jersey home.
A judge set bail for Mr Garaventa at $1 million. His lawyers said the former executive maintains his innocence.
If convicted, he could face up to 25 years in prison.
Morgan Stanley is one of the world's biggest financial services firms, with over 600 offices in 37 countries worldwide.
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