Alexis Stenfors, a former proprietary trader at MLIB working on the short term interest rate trading desk, was found to have mismarked positions on trades by $100 million to disguise losses, the industry regulator explained
The bankerâs actions led to MLIB making a negative adjustment of $456 million to its accounts.
Margaret Cole, FSA director of enforcement and financial crime, said: âWe have banned Stenfors because his misconduct was deliberate, frequent and repeated over a one month period.
âHe 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.â
Mr Stenfors perpetrated the crime in January and February of 2009.
His action led to MLIB receiving a â¬2.75million penalty in October last year from the Irish Financial Regulator for failing to
effectively manage its traders.
The FSA added that the ban will only last for five years due to the willingness of the trader to cooperate in the investigation.
By Jim Ottewill