FSA on a Roll: Bans Ex-Merrill Trader
Conviction for a former partner at the Queen’s stockbroker, insider dealing charges for a husband and wife and now a ban for an ex-Merrill…
All in a matter of days.
The FSA whirlwind has arrived.
Last year the the FSA secured a two-year sentence for Neel Uberoi, a dentist who used inside knowledge from his stockbroker-intern son to make thousands of pounds. His son Matthew received a year’s sentence.
Now the FSA has been catching up with bigger fish. The latest being Alexis Stenfors, a former senior trader at Bank of America’s Merrill Lynch unit in London, who has been banned for at least five years from holding a similar position over mismarking positions to cover up losses of around $100 million in January 2009.
Bloomberg: Merrill said a year ago it had uncovered irregularities. Merrill’s overall losses didn’t become clear until after Bank of America investors approved the $33 billion takeover of the firm in December 2008, in the middle of the worst financial crisis since World War II.
Good to see the FSA doing the business at last. Couple of years earlier might have saved everyone a bit of agro.
