A senior investment banker of Morgan Stanley has been charged with a hate crime involving stabbing and threatening a cab driver in New York over a fare dispute.

William Bryan Jennings, the bond-underwriting chief in the U.S. of Morgan Stanley, allegedly attacked Mohamed Ammar Dec. 22 when he took a cab ride from Manhattan to his $2.3 million Darien, Connecticut home.

After reaching the destination, he and the driver had an argument over the fare which, according to the driver, was fixed at $204. Jennings was ready to pay only $50.

According to the driver, Jennings started to threaten him and used racial insults. When the driver said that he was calling the police, Jennings allegedly stated that they would not do any help as he was paying $10,000 as tax.

At the same time, Eugene Riccio, a lawyer for the banker, denied charges stating that Jennings had not used any racially offensive statements.

He added that Jennings stabbed the cab driver as he was afraid for his safety. He continued that the cab driver was asking for $300 while Jennings was ready to pay $160.

Meanwhile, Jennings is charged with a second-degree assault, theft of services and intimidation by bias.