A former Salomon Smith Barney/Citigroup employee has been sentenced to up to three years in prison for taking bribes totalling hundreds of thousand dollars from contractors that did business with the bank.
Thomas Moogan, 39, was sentenced on a guilty plea to one count of bribe receiving. He was also ordered to make restitution, part of which was to be raised by the sale of his $1.3 million New Jersey home, reports AP.
Moogan was a managing director at Salomon Smith Barney who hired computer consultants and oversaw construction services for the firm. He also was responsible for approving invoices from vendors who did business with the company.
From November 1998 through September 2002, prosecutors said, Moogan accepted a total of $542,816 in bribes from a computer technology consulting firm and a construction firm. The money was salted away through a fake company which Moogan had set up to receive and conceal payments.
Much of the cash was frittered away on personal expenses, entertainment, and construction projects at the defendant's New Jersey home, which has a large swimming pool and a waterfall.
Moogan was initially sacked from Salomon Smith Barney in September 2002 for misuse of a company credit card.