Goldman Sachs: Information, Comments, Opinions and Facts: Another Goldman Sachs "Guy of Interest"

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Fraud*
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

Thursday, February 16, 2012

Another Goldman Sachs "Guy of Interest"

Henry King, a Goldman Sachs analyst, is being scrutinized by Federal Investigators for providing confidential information to hedge fund clients. A former director of Goldman, Rajat Gupta, is serving an eleven-year prison term for insider trading. Mr. King is based in Asia.

It seems that the laissez-faire regard for ethics is endemic at Goldman.

Goldman Analyst Is Said to Face Insider Trading Inquiry
By Peter Lattman and Azam Ahmed - DealBook

A Goldman Sachs stock analyst has been drawn into the government’s sweeping investigation into insider trading at hedge funds.
Federal investigators are examining whether Henry King, a senior technology industry analyst for Goldman based in Asia, provided confidential information to the bank’s hedge fund clients, according to a person with direct knowledge of the matter who requested anonymity because he was not authorized to discuss it publicly.
Mr. King recently took a leave of absence from Goldman, according to this person.
Mr. King could not be reached for comment. A spokesman for the firm declined to comment. The Federal Bureau of Investigation declined to comment.
The Wall Street Journal reported earlier on Mr. King’s role in the investigation.
Goldman has figured prominently in the government’s insider trading inquiry. Last year, federal prosecutors charged Rajat K. Gupta, a former director of Goldman, with leaking secret boardroom discussions to Raj Rajaratnam, the former head of the Galleon Group hedge fund who is serving an 11-year prison term after a jury convicted him of insider trading crimes last May.
Mr. Gupta has denied the charges. His trial is set to begin in May.
During pretrial hearings in Mr. Gupta’s case, it emerged that there was a second insider at Goldman who was said to have leaked Mr. Rajaratnam illegal stock tips. A letter filed with the court by federal prosecutors in the Gupta case said that another unidentified Goldman executive had provided Mr. Rajaratnam with confidential information.
Judge Jed S. Rakoff, the judge presiding over the case, agreed to keep the content of the leaks under seal because they were unrelated to the charges against Mr. Gupta.

Read the entire article here

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