Former Merrill Lynch (NYSE:BAC) Trader Banned

Former Merrill Lynch Trader Banned

For consciously overvaluing his trading positions in order to hide his trading losses, former Merrill Lynch (NYSE:BAC) senior trader Alexis Stenfors was banned for five years for his actions.

Writedowns as a consquence of Stenfors' actions came in at a hefty $456 million.

The Merrill Lynch International Bank (MLIB) was fined $3.8 million for its failure to supervise activities which included the actions of Stenfors.

Events took place in the London office of the company.

Former Merrill Lynch Trader Banned