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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

Friday, November 9, 2012

"You Reap What You Sow," Goldman Sachs

Maybe we should also invoke that proverb that says, "God works in mysterious ways."

If Goldman Sachs knew in 2007 that Matthew Marshall Taylor had committed a fraud why was nothing done until 2012?  Don't banks report fraud by its own people?

Oh, I forgot.  Goldman committed fraud itself.  Silly me!

Ex-Goldman trader's fraud caused $118 million loss:  U. S. regulator
By Basil Katz - Reuters

(Reuters) - U.S. regulators on Thursday accused a former Goldman Sachs Group Inc trader of defrauding the Wall Street bank of $118 million in a scheme of fabricated trades and fake entries.
In a lawsuit filed in the U.S. District Court in Manhattan, the Commodity Futures Trading Commission (CFTC) said Matthew Marshall Taylor had manually entered fake trades in November and December 2007, in an attempt to conceal an $8.3 billion position in futures contracts.

The scheme cost the bank $118.44 million, the CFTC said.

Read the full story here 


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