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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

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Sunday, February 24, 2013

Goldman Sachs and the 'Suspicious' Heinz Trades

Goldman Sachs may be co-operating with the SEC over suspicious GS trades that netted someone in Goldman $1.8 million in call options but co-operation should also include transparency in Goldman's subsidiaries so that people who do such trades can be identified.

Goldman thrives on secrecy and opaqueness.
US judge freezes Goldman Sachs account over 'suspicious' Heinz trading
By Bloomberg News - The National

A US judge froze a Goldman Sachs account that regulators say was used to make suspicious trades in H J Heinz, after unknown traders failed to appear in court to defend their claims to the assets.
When the unidentified traders didn't show up at a hearing on Friday in Manhattan, a US district judge, Jed Rakoff, said he would grant the US Securities and Exchange Commission's (SEC) request to freeze the Goldman Sachs account in Zurich until the case was resolved.
"They can hide, but their assets can't run," Mr Rakoff announced, saying he had granted the SEC's request and signed the freeze order.
The agency said in its complaint that the trades came a day before Warren Buffett's Berkshire Hathaway and 3G Capital announced the US$23 billion (Dh84.4bn) takeover of Pittsburgh-based Heinz. The suspicious trading involved call-option contracts, the SEC said.

Read the entire article here

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