Merrill - Guilty Trader Loses, Analysts In The Clear

Remember Daniel Gordon ? He is the former head of Merrill Lynch's energy trading unit. He pleaded guilty last year to fraud, having embezzled $43m from the firm. It is said that it took Merrill around 18 months to realise that it had been ripped off. Well, Gordon, currently out on bail and awaiting sentencing in January, has just sold his house. Perhaps he's getting ready for a 'move'.

The shamed former trader put his five bedroom, three-storey mansion (complete with guest cottage, heated swimming pool and tennis court) up for sale and has just flogged it. Unfortunately, the property was sold for $560,000 less than its $3m purchase price. But, before you get out those hankies, 28 year-old Gordon sold his New York apartment for some $6m earlier this year - over double what he paid for it in 2000.

Over in the UK, the two Merrill Lynch retail-food stock analysts, who were suspended last month over a research note on supermarket Sainsbury, have been re-instated. Sainsbury appears to have told the analysts that their profit projections for the food retailer were too high, and they subsequently cut their forecast. It was difficult to see exactly what the analysts did - apart from their job. But they were placed on administrative leave. An internal inquiry has now cleared them (as expected) of any wrongdoing and they are back at work.

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