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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Wednesday, June 9, 2010

Goldman Sued By Australian Fund

Sorry for the lack of posting lately. Between the oil volcano (I live on the Gulf) and storms keeping me busy at work, I haven't felt much like thumping on the blood-funnel Goldman has jammed into the heart of America. When Larry returns, I'll be taking a break.

Goldman Sachs Sued By Australian Hedge Fund Over 'Sh--ty Deal'

In addition to generating some laughs and populist outrage during a contentious Senate hearing in April, Goldman Sachs's infamous "shitty deal" is also turning into a major headache for the embattled firm.

Today, Goldman was sued for securities fraud by an Australian hedge fund, which claims that it was suckered into buying $81 million of toxic subprime mortgage securities, which led to the collapse of the fund, according to a lawsuit obtained by Huffington Post.

Basis Yield Alpha Fund claims that Goldman engaged in a "series of fraudulent and deceitful acts or practices" and "put profits before integrity," according to its complaint filed in Manhattan federal court. The fund is seeking to recover more than $1 billion in total damages.

The Timberwolf deal is also the focus of a probe by the Manhattan U.S. Attorney's office, which has reached out to interview one of the fund's former outside directors, David Mapley, as first reported by Huffington Post. Mapley described Timberwolf as a "fraudulent concoction," saying that it was one of the most egregious cases in his decades working in finance.

Read the rest here


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