Goldman Sachs rogue trader to be jailed seven years AFTER concealing an unauthorized $8.3 billion trading deal / For a whole 9 months

  • Matthew Taylor, 35, was sentenced Friday to nine months for wire fraud in 2007
  •  U.S. District Judge William Pauley questioned why it took Goldman and the government so long to bring the misconduct to light
  • Taylor had admitted in a guilty plea this year that he concealed an unauthorized $8.3 billion trading position in 2007
  •  He told Goldman within 36 hours but escaped criminal charges until this year
  • ‘Goldman was silent about Taylor’s lies,’ the judge said in federal court in Manhattan

By  Daily Mail Reporter and Associated Press Reporter

PUBLISHED: 00:00 EST, 7 December 2013 |  UPDATED: 00:00 EST, 7 December 2013

A former Goldman Sachs trader was sentenced on Friday to nine months in prison for wire fraud by a judge who took sharp aim at both Goldman and the government, questioning why it took them so long to bring the misconduct to light.

Matthew Taylor, 35, had admitted in a guilty plea this year that he concealed an unauthorized $8.3 billion trading position in 2007. He told Goldman within 36 hours but escaped criminal charges until this year.

‘Goldman was silent about Taylor’s lies,’ U.S. District Judge William Pauley said in federal court in Manhattan.

xRogue trader: Former Goldman Sachs trader Matthew Taylor was sentenced to nine months in prison for wire fraud on Friday

x‘Guilty’: Taylor pleaded guilty to defrauding the Wall Street bank with an unauthorized $8.3 billion futures trade in 2007

 

The investment banking firm fired Taylor but didn’t disclose the full extent of his misconduct, clearing the way for him to continue as a trader for Morgan Stanley for another four years, the judge said.

‘So much for Goldman’s concerns about the credibility of the financial markets,’ he said
Read more: http://www.dailymail.co.uk/news/article-2519742/Goldman-Sachs-rogue-trader-jailed-seven-years-AFTER-concealing-unauthorized-8-3-billion-trading-deal.html#ixzz2moECr6vd Follow us: @MailOnline on Twitter | DailyMail on Facebook



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