Morgan Stanley trader
Financial Services Authority
Financial Compliance in West Yorkshire Regulatory Action News
The Financial Services Authority today took its third regulatory action against a Morgan Stanley trader in as many weeks, as it fined an executive director at the firm who deliberately disadvantaged clients when conducting their trades.
In addition to a £140,000 fine, Nilesh Shroff was banned by the regulator because he was not "fit and proper" to work in the City.
He is the third Morgan Stanley trader to be fined in recent weeks. The first was Matthew Piper, who was fined and banned from working in the City for causing a $120m (£79m) loss.
Morgan Stanley was itself fined £1.4m for failing to prevent Piper incurring the loss.
The second was David Redmond, who returned to work after a boozy lunch in February and gambled $10m.
Source : The Guardian page 21 - 27.5.09. Also reported in Daily Telegraph Business page B2 and Times page 45.
Submitted by {The Guardian} on Wednesday 27th May 2009