The NASD has charged a former Merrill Lynch analyst with several counts of misconduct, including publishing misleading research on Tyco and exchanging gifts with the conglomerate's disgraced former chief executive Dennis Kozlowski.

Phua Young, who Merrill paid a guaranteed $9m (€7.7m) from 2000 to 2001, bought Koskowski $4,500 of vintage wine and frequently let Tyco's management review research reports on the company before they were published, the NASD said.