sued last year by the Commodity Futures Trading Commission for alledgedly defrauding Goldman of $118m and hiding a $8.5bn futures.Details of the criminal charges were not revealed, but Mr Taylor was
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.