Ex-Goldman Trader Gets Prison, Fined $118 Million

[OnClose]

http://www.businessinsider.com/goldman-trader-repay-millions-2013-12

 

[OnClose]

This is a better article.

http://www.bloomberg.com/news/2013-...lor-gets-nine-months-for-concealing-loss.html

 

[Grandluxe]

He transacted 20% of Spoos daily volume all by himself? @@

 

[ChinggChilla]

Seems like the higher ups threw him under the bus. I doubt he lied about the position and nobody knew. How does nobody know about a multi-billion dollar position?

 

[JaiSreeram]

I love the judge’s response to this: “Everything about this case is sad,” Pauley said. “Your employer's response was sad. Your conduct is sad. The government's conduct is sad.” It feels like he has been the judge for these cases one too many times.

 

[syswizard]

These cases always seem to add a wire fraud charge.
How does that apply in this case ?

 

[Cdntrader]

Banks can't spot a rogue trader in days or weeks or even months, but IB spots margin calls in milliseconds. Go figure...

 

[drownpruf]

Quote from syswizard:

These cases always seem to add a wire fraud charge.
How does that apply in this case ?

Fraud via electronic comms (email, web, intranet); electronic booking/accounting systems.

 

[drownpruf]

Quote from ChinggChilla:

Seems like the higher ups threw him under the bus. I doubt he lied about the position and nobody knew. How does nobody know about a multi-billion dollar position?

Right, Barings knew... SocGen, UBS, etc.

 

[cmb]

Quote from Cdntrader:

Banks can't spot a rogue trader in days or weeks or even months, but IB spots margin calls in milliseconds. Go figure...

Prop firms can close accounts in minutes, but somehow these trader at GS can get away with different trades to hide their losing position? lol anyone with a brain should be able to think through that one