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.

Features & Analyses

Islamic Finance The path forward

After years of milestones, Islamic finance in Dubai and beyond still has work to do, writes Abdulla Mohammed Al Awar, CEO of DIEDC read more