Reason number one that Steven Mandala not only helped himself to $780,000 from the firm, but lied to get the job in the first place: he’d obviously tasked himself with testing MER’s due diligence and background checks on prospective employees, which he rightly assumed were not up to snuff:
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.
Over the next few months, after Mandala had his new boss loan him the 780 grand as “an incentive,” deposited the money into his parents’ bank account, and withdrew $245,589 to buy a red Ferrari, Mandala “frequently” failed to show up to work and only brought in two or three clients, which was undoubtedly part of his undercover work to see if management was keeping tabs on people. Determining he’d seen enough, SM the “resigned via e-mail” and “asked Merrill Lynch to throw out his personal effects,” so he could focus on other projects, like scamming his woman’s father, which required a bit more attention than taking ML for a ride.
Among [his personal affects] were credit cards obtained in the name of Carlos Gomes — the dad of Mandala’s girlfriend — which the broker had allegedly used to rack up tens of thousands of dollars in debt. Mandala’s lawyer, Franklin Rothman, said Gomes’ ID had been stolen by his daughter, “who had a bone to pick with her own father.”
And there’s something wrong with any of this?
fat-head american assclown in stupid/greedy shock
@2 – words that put in order no meaning have
I guess ‘due diligence’ is appropriately named…if it actually worked they’d call it ‘done diligence’…am i right, am i right…ah, forget it.
wasn’t maxim the firm the ‘you go girl’ guy worked at? anyone remember?
He must have fit into the Ferrari like Kevin Smith fit into a Southwest seat.
Did he have to get out of the Ferrari to pick up his hourly drive through order at McD?
figures- another asian crook
3 = fat-head american assclown
@6 mean but good
This is what it sounds like when doves cry.
Why are there so many pictures of Anal_yst today?
We must ban proprietary due diligence, it just doesn’t work…the last useful due diligence invention was the polaroid camera.
-P. Volcker
we really need to close the boarder.
why are american men so unattractive these days?
@15 – Eye wood sighn you’re petition.
@ 16 — no portion control, self-entitlement, sociopathy, GAP
Why are my balls swollen 3x their normal size and why am I covered in ashes?
Oh man, I would hate to be this guy in 2015, when the SEC figures all this out!
@ 16 see also over-reliance on chinos, ugly eyes, homoerotic support of sport stars
@ 16 see also fat headed assclownishness
Screw you, Canada.
http://www.linkedin.com/pub/steve-mandala/3/94b/589
“Had a bone to pick with her father” are words I love to hear…
Woody Allen
Bess, it’s easy for you to ridicule fat, fraudulent bankers from behind your snug, smug little computer screen. Why don’t you try being a fat, fraudulent banker for a change and then see how you feel? Oh, and don’t even think about deleting this comment. If you do, just wait and see how much leftover king cake I can eat today.
@26 = Biff Basness
Rutgers — fabulous alma mater; Jackie Aprile jr, Anthony Soprano jr, Steven Mandala
26 = the artist formerly known as Fat Ben
This guy’s a rookie.
its ok his “incentive” loans were bundled with credit default swaps and were sold to AIG, so really no harm no foul – el duderino
First this guy mismanages South Africa into pure shit, then he has the moxie to defraud Mother Merrill..
Put him back in the clink!
First this guy mismanages South Africa into pure shit, then he has the moxie to defraud Mother Merrill..
Put him back in the clink!
@8..Asian??? Time for new glasses, son!
Which ML branch was this? In the city? I have to know which branch manager recruited this guy.
He looks like a waiter at the Olive Garden.
[...] like it either. To add insult to injury, the one deciding this case did not see eye to eye with Steven Mandala and his lawyer’s argument that, in exchange for returning the money, he should get 1 to zero [...]
[...] like it either. To add insult to injury, the one deciding this case did not see eye to eye with Steven Mandala and his lawyer’s argument that, in exchange for returning the money, he should get 1 to zero [...]
[...] like it either. To add insult to injury, the one deciding this case did not see eye to eye with Steven Mandala and his lawyer’s argument that, in exchange for returning the money, he should get 1 to zero [...]
I saw this car on sale on the side of the road a couple weeks ago
I grew up with this kid. His nickname was Fuji. dude was a honor student teacher’s pet up till about high school, then started hanging with douchebags, doing dumb things. But nobody back home ever thought he’d pull this.