Fired Morgan Stanley banker Galen Marsh avoids jail for stealing data on 730,000 of the bank’s clients data, later put online.
A Manhattan federal judge on Tuesday sentenced an ex Morgan Stanley banker to three years’ probation for stealing data on 730,000 of the bank’s clients information later put online, allegedly by an unrelated hacker.
Fired Morgan Stanley banker Galen Marsh pleaded guilty in Manhattan federal court on Monday to stealing data on 350,000 of the bank’s wealth management clients — info that ended up being posted online.
But Marsh, a rookie financial adviser admits he swiped the data from Morgan Stanley.
“I’ll be ashamed of it for the rest of my life,” said Galen Marsh, choking up in court. “I’m sorry to Morgan Stanley. I’m sorry to my co-workers …. I’ll be righting my wrongs every day.”
Marsh was canned in January after Morgan Stanley discovered client names and account information posted on the file-sharing website Pastebin. He was at first suspected of revealing the information, but the FBI soon shifted its investigation to overseas hackers who had accessed his computer.
Still, Judge Kevin Duffy laced into Marsh for his crime.
“It amazes me how people can do these things and expect no consequences,” he told Marsh. “You’re a felon.”
He warned Marsh that if he violates his probation “you might as well expect the roof to fall in” and that he’d sentence Marsh to the harshest prison.
Judge Duffy also ordered Marsh pay $600,000 in restitution to Morgan Stanley and to forfeit computer hardware used in his crime.
Marsh, 31, of Hoboken, was facing more than four years in prison under federal guidelines. He was a rookie adviser, with a Duke business degree, in Morgan Stanley’s wealth management division when he stole the client data.