Morgan worker stole client info

A former Morgan Stanley employee has pleaded guilty to charges related to possessing stolen information about the broker's hedge-fund clients.

Ronald Peteka worked with computer consultant Ira Chilowitz to get information about the clients to help generate business for a New York consulting firm.

Chilowitz has already admitted stealing names of hedge fund clients and information about fees.

Peteka, who worked at Morgan Stanley as a client service representative, said he received the information by email from another person and sent it to his Long Island home.

Documents included a list of Morgan Stanley's prime hedge-fund clients and the formulae used to calculate rates paid by the clients to the firm for some services.

He could face 10 years' jail and a $250,000 (£126,400) fine, although prosecutors recommended between 12 and 18 months. He will be sentenced in October.