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NASD Charges Merrill Lynch Analyst Phua Young Over Tyco Research
The NASD has charged another Merrill Lynch analyst with issuing misleading research, selectively disclosing material non-public information, and improper gift giving to Tyco's CEO.
Joining Henry Blodget, analyst Phua Young is charged with not disclosing in his purportedly objective, bullish company reports that he had private doubts about the very same companies. Likewise, he documented his apparent conflict of interest, noting in one email to a senior Tyco official that he was "paid indirectly by Tyco." Merrill Lynch led two debt offerings for Tyco between 1999 and 2001, reaping the firm over $20 million in investment banking fees.
Source: Wall Street Journal and PR Newswire
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