A trader who hid a potential $10m loss from his bosses after going off on a long lunch has been handed a two-year ban by the City watchdog.
David Redmond, employed by the commodities team at Morgan Stanley in February 2008, in fact made a profit from the positions in oil futures that he concealed overnight, but was nonetheless sacked by his bank after they discovered his actions.
On Wednesday the Financial Services Authorities banned Mr Redmond for two years from working for any regulated firm. However, it indicated it would consider approving him again after that point.
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