Prosecutors Tell Judge To Take Former Merrill Stockbroker's Ferrari

When Steven Mandala applied to work as a stock broker at Merrill Lynch, he told them how much he brought in for the brokerage firm he had worked for and they were so impressed they hired him and loaned him $780,000.

Prosecutors say the pay stubs and tax returns he showed to Merrill during the process were forged and have charged him with grand larceny, money laundering and identity theft, among other alleged crimes, The New York Times reported.

Because he used some of his Merrill loan money to pay for a $245,000 Ferrari, prosecutors asked the judge overseeing the case to make him give up the car as part of his bail.

But Mandala can continue to ride in style, at least for now. “You get to keep the Ferrari,” the judge said.

Mandala pleaded not guilty.

Read The New York Times’ full coverage here.

*Please note that pictured is a Ferrari, not the Ferrari.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.