Washington: The US government has filed civil fraud charges against a former Goldman Sachs trader for hiding a trade that cost his employer more than $118 million (Dh433,402 million).
Business | Markets
Ex-Goldman trader hid $8.3 billion position
CFTC files civil suit against trader
- AP
- Published: 14:56 November 10, 2012
The Commodity Futures Trading Commission has sued Matthew Marshall Taylor in federal court in Manhattan. The agency says he failed to disclose an $8.3 billion position on a futures contracts that came back to hurt the company in December 2007.
The lawsuit does not name Goldman as Taylor’s employer. But records kept by the industry’s regulatory body show he was employed at Goldman at the time. A Goldman spokeswoman confirmed on Friday that he had worked there, admitted misconduct and was terminated soon after.
Goldman spokeswoman Tiffany Galvin said Taylor “provided false explanations” when colleagues confronted him about problems. “He admitted his misconduct ... and was promptly removed from his job and terminated soon thereafter,” Galvin said.
The CFTC was seeking unspecified penalties against Taylor.
His attorney, Ross Intelisano, didn’t immediately return a telephone call seeking comment on Friday.
Business Editor's choice
-
Mariner of the Seas in maiden call on Dubai
1,020-feet-long cruise ship en route to Singapore and China
-
GCC, Mena oil exporters face growth decline
IMF projects their average GDP to fall from 5.7% in 2012 to 3.2% in 2013
-
Profits hit by Eurozone crisis, Vodafone says
Vodafone’s businesses in Italy and Spain have been hit hard by the region’s sovereign debt crisis