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Ex-Merrill Broker Who Ripped Off $780,000 From Bank Pleads Guilty, Frauds Everywhere Weep For Loss Merrill's Mensa Members

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Steve Mandala is the guy who took Merrill Lynch for $780,000, and with some of the cash, bought himself a red 2006 Ferrari F430 Spider. Prior to joining the bank, he was a broker at Maxim Group who earned about $100,000 annually. He sensed that there was some money to help himself to at Mother Merrill but didn't think he'd be able to land the gig. So, he lied and told them he was a partner at Maxim, where he managed $300 million in assets and took home $765,000 a year. This probably would not have worked at some other firm, but Merrill was a special, special bank.

“Somehow you got them to hire you because you told them you had big-time clients?” acting state Supreme Court Justice Carol Berkman said to Mandala in court, referring to Merrill Lynch.

Yeah! That's exactly what happened! Wild, isn't it?

“I gave them some financial documents that supported my claims,” Mandala said, admitting he provided a phony story.

Phony shmony who cares the point is they bought it and in turn, the brain trust loaned him Mandala the 780 grand as “an incentive." An incentive for what? To "frequently" fail to show up for work, only bring in two or three clients and then resign via e-mail so he could devote more time to scamming his girlfriend's father's credit card, which required a bit more attention than taking ML for a ride (anyone could do that).

Broker Who Stole $780,000 From Merrill Pleads Guilty [BW]