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Steven Mandala, a former Merrill Lynch & Co. broker, pleaded guilty to charges of grand larceny and identity theft Wednesday. Mandala’s agreement, which was made in the New York state Supreme Court, was a promise that he will pay back $780,000 he stole from Merrill Lynch in exchange for an abbreviated two- to six-year prison sentence. A grand larceny conviction could have held a prison term of up to 15 years.

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