Merrill Lynch’s Irish arm fined €2.75m

MERRILL Lynch’s Irish division has been fined €2.75 million by the Financial Regulator — the second highest penalty imposed by the body.

The largest fine involved one of Ireland’s wealthiest businessmen Sean Quinn who was fined €3.25m over the sale of shares in Anglo Irish Bank, where he lost over €1 billion.

The Merrill fine involves two incidents where traders failed to appropriately value their positions at the bank’s London branch.