Wednesday, April 3, 2013

Hmmm

"Matthew Taylor, a former Goldman Sachs banker, surrendered to the Federal Bureau of Investigation on securities-related charges, a spokesman for the bureau said on Wednesday.
Details of the criminal charges were not revealed, but Mr Taylor was sued last year by the Commodity Futures Trading Commission for alledgedly defrauding Goldman of $118m and hiding a $8.5bn futures.

Mr Taylor has previously denied the CFTC allegations.

The CFTC alleged Mr Taylor concealed the size, risk and losses of S&P 500 e-mini futures contracts he traded. He allegedly did so by entering “fabricated e-mini futures trades in a manual trade entry system that his employer used.” The system was not intended for e-mini contracts, a type of future that trades on the Chicago Mercantile Exchange, the CFTC claimed.

From November to December 2007, Mr Taylor allegedly amassed positions in the futures contracts worth over $8.3bn."

I can't help but wonder how much fraud there really is in these institutions (big banks/investment firms), people Americans trust their money with.

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