The FSA has banned Alexis Stenfors, a former proprietary trader, from performing any regulated functions in relation to any regulated activity, on the grounds that he is not a fit and proper person. Mr Stenfors deliberately mis-marked the positions he traded on behalf of his employer between mid-January and mid-February 2009 by approximately $100 million in order to avoid showing increasing losses in his books. These actions caused his employer to make a negative adjustment of $456 million to its books and records.