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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

Tuesday, March 20, 2012

A Lengthy Rap Sheet and Goldman Sachs

The following press release describes and gives examples of instances where Goldman Sachs employees are accused of various acts of manipulation to defraud including insider trading, putting its own interests ahead of its clients' interests, using a "culture of corruption," abusing client trust, ripping off clients, embracing conflicts of interest, using insider information to make lucrative trades, gaining profit through "false pretenses," using deceitful actions, destroying relationships, using "corporate greed and avarice," lying about a $5 rule margin call , etc.  The indictment paints not a pretty picture of the alleged actions of Goldman Sachs.

We know for sure that Goldman Sachs committed civil fraud with Abacus and paid a small fine in 2010.

The article is entitled
Founders Of Marvell Technology Group Are Among The Largest Victims Of Greed At Goldman Sachs
By PR Newswire

The press release can be found here.


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