Apparently, Merrill Lynch thought this stockbroker was a pretty good bet. Wait til you hear this:
A mediocre stockbroker duped Wall Street titan Merrill Lynch into believing he was a portfolio powerhouse — deserving of a $780,000 loan his first day on the job — then used the dough to buy a Ferrari and split, prosecutors said yesterday.
His name is Steven Mandala and he’s been arrested. I don’t know where the car itself is right now. How did he get a three-quarters-of-a-million-dollar “advance”?
Mandala, who earned about $100,000 annually at Maxim, last year applied for a job at Merrill Lynch, falsely claiming he was a partner at Maxim, that he managed $300 million in client assets and earned $765,000 in compensation against $1.5 million in revenue he generated, the Manhattan DA’s Office said. After Mandala produced fake pay stubs and tax forms to substantiate his bogus claims about his Maxim work, Merrill hired him on April 24, the DA said.
Wow. Risk management is still MIA on The Street. Good hire, fellas.