Friday, January 9, 2009
Former New York Area Brokerage Executive Doesn't Make Bail After $2.5 Million Embezzlement
John P. Walsh, 53, of Yonkers, New York and the former Chief Operating Officer of Affina Brokerage Services located in Rye, New York, who is accused of embezzling $2.5 million from the firm, could not make the $50,000 bail and remains in custody. Walsh was accused in May of embezzling from the company by transferring stocks into accounts he controlled. His scheme, which went on over a period of about 8 1/2 years, also involved creating fake stock positions to use as collateral for loans, according to investigators. He has been charged with first-degree grand larceny.
Read the story here.