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Report: Former State Street execs to plead guilty to fraud


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Report: Former State Street execs to plead guilty to fraud

Edward Pennings, a former senior managing director at State Street Corp.'s London office, agreed to plead guilty to conspiring to commit wire fraud and securities fraud, Reuters reported June 6, citing court filings.

According to the news outlet, Pennings' plea was in connection with a scheme that involved overcharging six of the bank's clients through hidden commissions.

Prosecutors also charged the company's former head of its transition management desk for Europe, the Middle East and Africa, Richard Boomgaardt, in a similar case.

No plea hearing has been scheduled yet for Pennings. Lawyers for Pennings and Boomgaardt did not respond to requests for comment, Reuters reported.