BofA Ordered To Pay Ex-Merrill Employee For Brazil Jail Time

Prison Bars

Bank of America’s Merrill Lynch unit was ordered by a Brazilian court to pay Alexandre Caiado $76,500 to compensate the former banker for five days he spent in jail over allegations tied to his work at the company.

Bloomberg reports that Sao Paulo’s 26th labor court said it was 'incontrovertible' that the imprisonment was because of his position as a junior financial consultant at Merrill Lynch, now a division of Bank of America, according to a document published in the nation’s official Gazette earlier this month.

Caiado, 42, was jailed in June 2006 in a Curitiba federal prison over allegations he helped Merrill’s clients make illegal overseas money transfers. His arrest was part of an investigation that resulted in indictments of 18 bankers at Credit Suisse and UBS in Brazil. Merrill fired Caiado nine months later, saying the dismissal was part of a restructuring.

Caiado wasn’t convicted of any wrongdoing.

Hit the link below to access the complete Bloomberg article:

BofA Ordered to Pay Ex-Merrill Banker Jailed in Brazil

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