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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

Tuesday, April 3, 2012

Goldman Sachs Receives Another "Wells" Notice

The SEC plans to bring charges against Goldman Sachs for the Freemont Home Loan Trust 2006-E (FHLT 2006-E) which held about 5,000 mortgages, some sub-prime, that ended up costing the US taxpayers an estimated $545 million.

Investors bought the risky loans even though Goldman did not reveal in its prospectus the true number of risky mortgages in the Fund. And so the fraud goes on and on . . . .

Exclusive: The $1.3 billion bond deal haunting Goldman
By Stephen Gandel - CNN Money

What went into the 2006 Fremont Home Loan Trust from Goldman Sachs that has the SEC so bothered?

FORTUNE -- The Securities and Exchange Commission is likely to bring charges soon against Goldman Sachs (GS) for a 2006 mortgage investment deal. The agency hasn't said which one yet, but Fortune has learned there's a good chance the SEC's case will focus on Fremont Home Loan Trust 2006-E, a bundle of more than 5,000 mortgages that has cost investors, including mortgage guarantor Freddie Mac and by extension U.S. taxpayers, an estimated $545 million.

Goldman disclosed that it had recently received a "Wells" notice in a financial filing in late February, a heads-up that the SEC is considering bringing charges. The notice pointed to a $1.3 billion late-2006 mortgage deal. Goldman was the underwriter for nearly 100 mortgage investment deals in the second half of that year, according to a list produced by Dealogic at Fortune's request, but only the Fremont deal was worth $1.3 billion and met other criteria, such being primarily made up of subprime residential loans.

Read the entire article here

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