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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, May 16, 2013

Goldman Sachs Loses in Arbitration Award

Goldman Sachs has been ordered by a securities arbitration panel to pay $2.5 million to Tracy Landow, an investor who says that Goldman "recommended an unsuitable investment in a private equity fund." 

Information regarding this ruling is not available to the public because Goldman has requested the expunging of any disclosures about the case.

Goldman ordered to pay investor $2.5 mln by arbitrators
By Suzanne Barlyn - Reuters
. . . .
The investor, Tracy Landow, filed the case against Goldman Sachs, a unit of Goldman Sachs Group Inc, and her broker in 2011, according to a Financial Industry Regulatory Authority arbitration panel ruling. Landow also alleged the firm made unauthorized trades in her account, among other things.

A FINRA arbitration panel found Goldman, but not the broker, liable and ordered the firm to pay Landow $1.6 million and roughly $1 million in interest, and other fees, according to a ruling. The facts surrounding the case are unclear. The FINRA panel, as is customary, did not include reasons for its decisions.

Read the whole article here
 


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Posted by Joyce

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