The big cleanup on Wall Street continues as another former Merrill Lynch ( MER) stock analyst was charged Wednesday with issuing misleading research reports and getting cozy with one of the companies he covered. The NASD charged Phua Young, the Merrill analyst who had covered Tyco ( TYC), with a variety of misdeeds, including tipping off institutional investors to his rating changes, giving Tyco executives a sneak peek at his research reports and giving an expensive bottle of wine to former Tyco CEO Dennis Kozlowski, who is currently awaiting trial on tax fraud charges. But once again -- as has been the case in many Wall Street analyst investigations -- the most damning evidence against Young, who was fired from Merrill last year, is his own email messages. In a number of emails cited by the NASD, Young refers to himself as being "indirectly paid by Tyco" and being a "loyal Tyco employee." It appears Tyco executives rewarded Young, who often maintained a buy rating on Tyco shares, for his loyalty. The NASD alleges that the analyst flew multiples times on Tyco's corporate jets for business trips, sometimes accompanied by Kozlowski. And in a particularly bizarre episode, Tyco, at Young's request, hired a personal investigator to prepare a background report on one of Young's friends. The overall portrait that emerges from the NASD complaint is one of an analyst all too eager to please executives at one of the biggest companies he covered. An example of Young's research were reports in which he predicted Tyco could fetch upto $12 billion in last year's spin-off of CIT Group. Young made those claims, even though he privately told others that CIT would never sell for that much and that Tyco's stock was overvalued. The CIT deal eventually sold for $4.6 billion.