Ex-Goldman Sachs vice president gets sentenced to nine months.
Matthew Taylor, age 34, pleaded guilty to wire fraud in April. As a result, he has also been ordered to pay $118 million in restitution, according to the U.S. attorney of the Southern District of New York.
In 2007 Taylor lost a significant amount of money in positions he held on Goldman Sach's (Fortune 500) Capital Structure Franchise Trading desk. At the time, supervisors warned Taylor about trading risk limits and instructed him to reduce his overall exposure. ,
Instead, Taylor surreptitiously increased his position to about $8.3 billion. Taylor tried to hide his position by making multiple entries for fake trades. That position far exceeded the risk limits Goldman had imposed, not just for individual traders but for the entire CSFT desk.
The U.S. attorney said Taylor made the move in an effort to "restore his professional reputation" within the firm and boost his year-end bonus.
|Albertsons to merge with Safeway|
|Everything must go: There's a flood of store closings|
|Jobs report: Hiring picked up in February|
|Alleged Bitcoin creator denies he's the one|
|The real reasons to export U.S. gas|