Wednesday 17, March 2010 by

Ex-Merrill Lynch trader banned for $100 million mismarking

The Financial Services Authority (FSA) said it has banned Alexis Stenfors, a former proprietary trader at Merrill Lynch International Bank (MLIB), for deliberately mismarking his trading positions he traded on behalf of MLIB between mid-January 2009 and mid-February 2009 by around $100 million in order to avoid showing increasing losses in his books. The actions caused MLIB to make a negative adjustment of $456 million to its books and records.

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