B
Black Swan
Trader banned for hiding $100m of losses
Alexis Stenfors, a former Merrill Lynch trader, has been banned by the British financial regulator for deliberately mis-marking positions to hide $100m (£67m) of trading losses
His actions forced the investment bank to make a $456m (£304m) writedown, the Financial Services Authority said.
Margaret Cole, FSA director of enforcement and financial crime, said: “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. 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.”
Mr Stenfors is barred from any function "in relation to any regulated activity". However, his co-operation and agreement to settle at an early stage means the FSA could revoke his prohibition order after five years.
The mis-marking occured between mid-January 2009 and mid-February 2009.
http://www.telegraph.co.uk/finance/.../Trader-banned-for-hiding-100m-of-losses.html
Alexis Stenfors, a former Merrill Lynch trader, has been banned by the British financial regulator for deliberately mis-marking positions to hide $100m (£67m) of trading losses
His actions forced the investment bank to make a $456m (£304m) writedown, the Financial Services Authority said.
Margaret Cole, FSA director of enforcement and financial crime, said: “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. 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.”
Mr Stenfors is barred from any function "in relation to any regulated activity". However, his co-operation and agreement to settle at an early stage means the FSA could revoke his prohibition order after five years.
The mis-marking occured between mid-January 2009 and mid-February 2009.
http://www.telegraph.co.uk/finance/.../Trader-banned-for-hiding-100m-of-losses.html
