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Trader banned by FSA over mismarking

Published on 18 Mar 2010 under category: legal

The Financial Services Authority (FSA) has banned a former trader from operating in the future after he was found guilty of mismarking.

Alexis Stenfors was employed at Merrill Lynch on the bank's short term interest rate trading desk.

He was discovered to have engaged in mismarking his positions over January and February last year in order to cover up losses in his books.

It is thought that the positions were mismarked by as much as $100 million (£65 million by today's exchange rate).

Margaret Cole, director of enforcement and financial crime at the regulatory body, 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."

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