Former Goldman Sachs trader charged with concealing $ 8.3 billion of futures positions

Beijing early morning of November 10, the United States Futures Trading Commission (CFTC) said on Friday that the allegations have been initiated, a former trader at Goldman Sachs (GS), because of its futures position to conceal a $ 8.3 billion international market, Goldman brought a realized loss of $ 118.4 million.

Futures Trading Commission, the documents submitted to the U.S. Financial Industry Regulatory Authority (FIRA), this trader named Matthew - Marshall - Taylor (Matthew Marshall Taylor). The document said that Taylor to bypass the internal systems of the Goldman Sachs Group reached the E-mini futures forged transactions, this system is designed to register electronic transactions to the Chicago Mercantile Exchange (CME). This allegation is based on a civil action in the form submitted by the United States District Court for the Southern District of New York.

Futures Trading Commission, Taylor found this position by providing false, misleading or deceptive information hinder the Goldman Sachs Group. Taylor's solicitors have not been on this assessment, the Goldman Sachs spokesman said in a statement: "in the December 14, 2007, trading in, we found in Taylor's account in the normal situation, which he provided false explanation after the closing, he admitted that his own misconduct, the subsequent suspension and dismissal. "

Futures position, also called "parts" (position), refers to the positions held by the futures investors. Positions in the futures trading in the securities and futures industry, such as buying futures contracts held positions called long positions, referred to as the bulls; selling futures contracts held positions called short positions, referred to as short. The commodity open long contracts and open short contracts between the difference is called the net position.

From Taylor in the Financial Industry Regulatory Authority's view of the record, in March 2005, he served between January 2008 in the Goldman Sachs Group, from March 2008 to August 2012 worked at Morgan Stanley (MS). Goldman Sachs Group Inc., said in the statement, since the discovery of this event, the Group strengthened control measures. Futures Trading Commission, the Commission will seek a court Taylor to be made monetary compensation, and promulgation of a permanent injunction.