He was a phony big shot who lived large and drove a red Ferrari without doing much work.
Steven Mandala of Chelsea got Merrill to hire him by falsely claiming to be a partner at Maxim Group, where he supposedly managed $300 million in assets, pulled in $1.5 million in revenue and earned $765,000, said the Manhattan District Attorney.
Actually Mandala was only a stockbroker who made $100,000, officials said. However by submitting fake pay stubs and tax returns, he conned Merrill, receiving a $780,000 advance from the Wall Street powerhouse, the DA said.
He used $245,580 to buy the Ferrari and was largely a no-show at Merrill where he recruited only three clients worth about $20,000, prosecutors said.
He's also accused of identify theft for allegedly using the name of his ex-girlfriend's dad to rack up tens of thousands of dollars in credit card charges.
Mandala pleaded not guilty to identity theft, grand larceny and money laundering and bail was set at $500,000. His defense attorney blamed his ex for the credit card mess and promised that his client would take steps to reimburse Merrill.