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2nd Merrill Lynch Trader Fired for Policy Violations

May 02, 1987|Associated Press

NEW YORK — Merrill Lynch & Co. said Friday it had dismissed a second bond trader for violating the brokerage giant's trading policies, which sources said cost the firm about $10 million.

The disclosure came two days after Merrill Lynch said it had dismissed a senior trader in its mortgage-backed securities unit because of unauthorized dealing that had caused an estimated $250-million loss, one of the largest ever.

William Clark, a Merrill Lynch spokesman, identified the second employee as Hugh Bellingrer, a high-yield bond trader. Clark would not elaborate on Bellingrer's transgression.

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