Ex-MLIM forex trader pays up for playing client favourites

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WASHINGTON -- Edward Gobora, the former global head of FX trading at Merrill Lynch Investment Managers (MLIM), last week agreed to pay a $75,000 civil penalty to settle claims from the US Securities Exchange Commission (SEC) that he defrauded clients.

The complaint alleges that London-based Gobora did this between mid-1997 and April 2001, in two ways.

The first, said Scott Friestad, assistant director in the division of enforcement at the SEC, involved ‘cherry-picking’, whereby profitable sho