• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 6 minutes Renewable Energy Capacity Jumped 45% Worldwide In 2020; IEA Sees 'New Normal'
  • 11 minutes Forecasts for Natural Gas
  • 2 mins U.S. Presidential Elections Status - Electoral Votes
  • 42 mins Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 12 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 46 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 12 mins .
  • 17 hours CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 1 day Сryptocurrency predictions
  • 1 day 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 2 days Joe Biden's Presidency

Goldman Sachs Trader Accused of Illegally Hiding $8.3 Billion Position

Matthew Marshall Taylor, a vice president and trader on the Capital Structure Franchise Trading desk at Goldman Sachs Group Inc., has been accused by US regulators of hiding trades in an $8.3 billion position, which cost the investment firm $118 million.

Goldman Sachs will seek $130,000, or triple the monetary value that Taylor gained (whichever is larger), for every violation he is found to have committed.

Back in 2007 Taylor created false trades and hid his position from his employers, including the risk, profits, and losses that he was working with. He had managed to bypass internal systems for trading on the Chicago Mercantile Exchange, and manually entered the false trades into the system.

Related Article: Gold and Silver Prices Set to Explode

Michael DuVally, a spokesman for Goldman Sachs, said that “Matt Taylor provided false explanations when confronted about irregularities we detected in his account during the Dec. 14, 2007, trading day. He admitted his misconduct following the market close, and was promptly removed from his job and terminated soon thereafter.”

“Taylor’s scheme culminated in his concealment of a notional value of an approximately $8.3 billion long e-mini futures position (future contracts tied to the S&P 500 Index).”

“Since these events, which had no impact on customer funds, we have further enhanced our controls.”

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage



Leave a comment
  • abinico warez on November 14 2012 said:
    This is fraud and theft, plain and simple. Why is he not in jail?

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News