BOSTON (AP) — A former State Street Corp. executive has been sentenced to eighteen months in prison for defrauding clients by charging secret commissions on billions of dollars of securities trades.
Ross McLellan was sentenced Tuesday in Boston’s federal court.
The 47-year-old Hingham man was convicted in June of conspiracy, securities fraud and wire fraud. He was the executive vice president of Boston-based State Street and served as the global head of its Portfolio Solutions Group.
Prosecutors say McLellan conspired with others to charge hidden commissions to unaware customers and tried to conceal the fraud by telling the bank’s compliance staff that the customers were overcharged in error.
McLellan’s lawyer didn’t immediately respond to an email on Tuesday.
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