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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, April 18, 2013

Goldman Sachs is Caught In Its Own Web of Deceit

A federal judge, District Judge Susan Wigenton, has upheld Prudential's $270 million lawsuit against Goldman for fraudulent RMBS it sold to them.

A little bit of justice goes a long way when complete justice is denied.

Goldman Sachs Can't Shake Fraud Lawsuit
By Rose Bouboushian - Courthouse News Services
. . . .
In 2006 and 2007, Goldman Sachs created and underwrote 93 RMBS and 27 mortgage-related collateralized debt obligations, totaling about $100 billion.

     In August 2012, Prudential demanded $270 million from Goldman Sachs, $183 million from Nomura Securities, and $343 million from RBS Financial Products fka Greenwich Capital, in separate complaints involving residential mortgage-backed securities.

     In those complaints, in Essex County Court, Prudential claimed that Goldman Sachs' offering materials "did not reflect what Goldman Sachs knew regarding the true characteristics of Prudential's investments."

     Goldman Sachs materially misrepresented underwriting standards and practices, due diligence, owner-occupancy, appraisal processes, loan-to-value ratios, assignments to the trusts, credit ratings, underwriting exceptions, and degree of risk, according to the amended complaint.

The case was removed to Federal Court, and Prudential amended its complaint,
alleging common law aiding and abetting and equitable fraud; negligent misrepresentation; and New Jersey RICO violations. It sought rescission and damages.

Read the full report here

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