A former Morgan Stanley trader who hid from his bosses a potential $10m loss on trades that were made under the influence of alcohol after a long lunch has been handed a two-year ban by London regulators.
David Redmond, a trader in the commodities team at Morgan Stanley, returned from a three-and-a-half hour lunch in February 2008 and put on a series of trades in the oil futures market that left the bank at risk of a $10m loss. He then concealed this position through further deals with a colleague’s accounts.
