"Robin Hood" Pleads Guilty to Theft

John Loan, a 41-year-old Manhattanite who styles himself a modern-day Robin Hood, called Justice Micki Scherer "Your Majesty" as he pleaded guilty to embezzlement. He stole millions from his employer, Alliance Capital Management, and used most of the money to set up a recording studio which he allowed penurious musicians to use for free. The rest, he donated to charity or spent on his friends. When asked how he managed to take so much, he said, "I just typed up invoices. At my desk. And sent the invoices in." He faces up to three years in prison.

Ananova