The National Association of Securities Dealers has fined a former Merrill Lynch analyst $225,000 (€185,710) for issuing misleading research on Tyco International, the US energy and manufacturing company, and exchanging gifts with former Tyco chief executive.

Phua Young, who left Merrill Lynch in April 2002, has also been suspended for one year from the industry for violating NASD rules, including championing Tyco to investors in public while expressing private concerns about the company.