U.K. Bans Ex-Merrill Worker for 5 Years

The U.K.'s financial regulator said Tuesday that it has banned Alexis Stenfors, a former proprietary trader at Merrill Lynch International Bank in London, from taking any regulated role in financial services for five years for deliberately misvaluing his trading positions in early 2009.

Stenfors, who was a senior trader on the unit's short-term interest rate trading desk, mismarked his positions between mid-January and mid-February of last year by around $100 million to cover growing losses on his trading books, the Financial Services Authority said.

The misvaluation forced the unit to take a writedown of $456 million to its books. The unit is now part of Bank of America Corp.

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