The City watchdog has banned Alexis Stenfors, a former proprietary trader at Merrill Lynch, for at least five years for deliberately mismarking positions he traded.
The Financial Services Authority said Stenfors, who was a senior trader on the short term interest rate trading desk, mismarked the positions he traded on behalf of Merrill Lynch between mid-January and mid-February 2009 by around $100m in order to avoid showing increasing losses in his books.
Stenfors actions caused his division to make a negative adjustment of $456m to its books and records.
"We have banned Stenfors because his misconduct was deliberate, frequent and repeated over a one month period. He was a senior and experienced trader who held a position of trust at the firm," said Margaret Cole, FSA director of enforcement and financial crime.
"He betrayed the trust placed in him by the firm and demonstrated that he is not fit and proper to be approved by the FSA."
Merrill Lynch was fined EUR2.75m in October 2009 by the Irish Financial Regulator for failures in respect of circumstances that included Stenfors' mismarking.
Company news from ShareCast
FSA bans Merrill Lynch trader for mismarking
Recent articles
-
Barclays full-year income held back by BarCap
Fri 10 February 2012 07:03 -
Sunny outlook in Bahamas for C and W Comms
Fri 10 February 2012 07:15 -
Phoenix no longer in merger discussions
Fri 10 February 2012 07:06 -
Coca-Cola Enterprises meets consensus
Thu 09 February 2012 14:25 -
Akamia reports better than expected results
Thu 09 February 2012 16:16
Company news: Most read
-
BP hikes divi as profits jump - UPDATE
Tue 07 February 2012 10:02 -
Tuesday preview: BP and Xstrata
Mon 06 February 2012 17:16 -
Glaxo reports falling sales but raises divi - UPDATE
Tue 07 February 2012 11:51 -
Friday preview: BarCap and bonuses in focus (as usual) at Barclays
Thu 09 February 2012 17:24 -
Thursday preview: QE decision, Rio, BG, Diageo
Wed 08 February 2012 17:54
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
Market latest
FTSE 100 | FTSE 250 | All Share
| FTSE 100 | 5,895.47 |  |
+0.33% |
| FTSE 250 | 11,234.57 | |
+0.65% |
| FTSE All Share | 3,046.11 | |
+0.39% |
| Dow Jones | 12,890.46 | |
+0.05% |
| NASDAQ | 2,927.23 | |
+0.39% |
| Xetra DAX | 6,788.80 | |
+0.59% |
| Paris CAC 40 | 3,424.71 | |
+0.43% |
| Nikkei 225 | 8,947.17 |  |
-0.61% |
| Hang Seng | 20,779.65 | |
-1.10% |
Hang Seng disclaimer l Prices delayed by at least 15 minutes
FTSE 100
| AMEC plc | 1110.00 | |
+3.64% |
| BG Group plc | 1491.50 | |
+3.15% |
| Petrofac | 1517.00 | |
+3.13% |
| Schroders plc | 1650.00 | |
+2.48% |
| Admiral Group | 985.00 | |
+2.13% |
| Tate & Lyle plc | 672.50 | |
-3.24% |
| Evraz plc | 428.80 | |
-2.99% |
| British Land Co plc | 497.00 | |
-2.17% |
| ICAP Plc | 381.40 | |
-1.95% |
| Rolls Royce Holdings Plc | 770.00 | |
-1.91% |
| Lloyds Banking Group plc | 253,030,158 |
| Royal Bank of Scotland | 121,821,342 |
| Vodafone Group Plc | 118,819,990 |
| Barclays plc | 49,916,259 |
| Centrica Plc | 27,408,245 |
Articles on the economy and stock markets
No results were found