1,000,000 + Attorneys and Legal Staff - Legal employers hire more people on LawCrossing than any other site.
Halliburton Settles Oil Spill Claims at $1.1 Billion
Halliburton Settles Oil Spill Claims at $1.1 Billion
Google Expects Drone Deliveries to be Available in “Less than a Decade”
Google Expects Drone Deliveries to be Available in “Less than a ...
Livedrive Riles UK Customers by Abruptly Terminating Services
Livedrive Riles UK Customers by Abruptly Terminating Services
Jury Verdict Against Bank of America to be Reviewed by Judge
Jury Verdict Against Bank of America to be Reviewed by Judge
Job Listings

CFTC Fines Goldman Sachs $1.5 Million

On Friday, the Commodity Futures Trading Commission (CFTC) imposed a fine of $1.5 million on Goldman Sachs to settle charges over its failure to supervise its traders and allowing at least one futures dealer to hide billions and cause a $118 million loss. The CFTC said, “Goldman failed to have policies or procedures reasonably designed to detect and prevent the manual entry of fabricated futures trades into its front office systems.”

The neat result was that ex-Goldman trader Matthew Marshall Taylor was able to hide an $8.3 billion position in 2007, by manually entering fake trades. “As a result, on seven trading days in November and December 2007, Taylor circumvented Goldman’s risk management, compliance, and supervision systems,” said the CFTC.

In a lawsuit filed earlier in November, the CFTC has sought a $1, 30,000 penalty against Taylor, who was at the time a vice president at Goldman Sachs’s Capital Structure Franchise Trading desk and later joined Morgan Stanley.

Bart Chilton, a CFTC commissioner criticized the imposed fine as being too low and said, “I believe that the monetary penalty should be significantly higher in order to represent a sufficient punishment, as well as to denote a meaningful deterrent to future illegal activity.”

What

 job title, keywords

Where

 city, state, zip



Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!


Though Goldman Sachs took a $118 million loss in trying to set things straight and in unwinding the position in e-mini S&P futures contracts, it said, “Taylor’s activity was flagged by our controls on December 14, with no impact to customer funds … Since these events, we have enhanced our controls. We’re pleased to have settled this matter.”

CFTC Fines Goldman Sachs $1.5 Million by

Tagged: , , , ,

Posted by on December 10, 2012. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Medical Malpractice Defense Associate
USA-NY-White Plains

Our client is currently seeking a Defense Medical Malpractice Associate with the following: JD from an accredited law school Must be admitted to practice in the state of New York 2-...