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August 2022


How to Become a Bounty Hunter

Tag: Goldman Sachs

FBI, Justice Department Trying to Determine Role Goldman Sachs Played in Corruption Case

goldman-sachs-logoBy Steve Neavling

The FBI has teamed up with the Justice Department to determine whether Goldman Sachs Group Inc. was involved in corruption and money laundering at 1Malaysia Development Bhd (1MDB), Business Insider reports. 

At this point, the inquiry does not suggest criminal wrongdoing by Goldman Sachs.

Investigators “have yet to determine if the matter will become a focus of any investigations into the 1MDB scandal,” the Wall Street Journal quoted a spokeswoman for the FBI as saying.

Officials have been investigating allegations that 1MDB management sent nearly $700 million to bank accounts of Prime Minister Najib Razak.

FBI Agent Who Took Down Madoff Becomes Goldman Sachs’ New Cop

By Steve Neavling

An FBI agent who has been integral in dozens of insider-trading convictions and oversaw the Bernie Madoff trial is now working for Goldman Sachs Group, Bloomberg reports. 

Patrick Carroll, 50, who spent nearly 25 years with the bureau, has become the vice president of Goldman Sach’s compliance, surveillance and strategy group.

Carroll played a central role in securities-fraud cases.

“It’s really about how Goldman is reacting to the tidal wave of litigation that now seems to be part of the ongoing government toolkit for regulating banks,” said Roy Smith, a professor of finance at New York University’s Stern School of Business and a former Goldman Sachs partner. “It can help to have some people who know how government prosecutors and investigators think, some guy who has the mindset of an alligator.”

A spokesman for Goldman Sachs declined to discuss Carroll’s role with the company.

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Wrongfully Convicted Man Sues FBI Agents Who Helped Send Him to Prison

By Steve Neavling

A computer programmer who was wrongfully convicted of stealing trading codes from Goldman Sachs Group Inc. in 2009 is suing the FBI agents who helped put him in prison, Bloomberg reports.

Sergey Aleynikov, who inspired Michael Lewis’s best-seller “Flash Boys,” claims in the lawsuit that agents violated his constitutional against unreasonable search and seizure and arrested him without probable cause.

The lawsuit alleges that Goldman Sachs waged its “enormous influence” to prompt the FBI investigation and subsequent arrest.

Federal jurors convicted the naturalized U.S. citizen of economic espionage and other crimes in 2010.

Justice Department: No Evidence for Charges Against Goldman Sachs

Steve Neavling 

Federal authorities closed two investigations into mortgage deals at Goldman Sachs, the Justice Department announced in a rare statement late Thursday, Reuters reports.

Although federal prosecutors are typically loathe to publicize the closing of a case, they issued a statement announcing that no illegal activity was found.

“The department and investigative agencies ultimately concluded that the burden of proof to bring a criminal case could not be met based on the law and facts as they exist at this time,” the Justice Department said in a statement late on Thursday.

The investigation was spurred by a Congressional committee that asked prosecutors to look into several mortgage deals after Goldman sold troubled mortgage securities to investors who eventually lost a fortune, Reuters reported.

Also on Thursday, the Securities and Exchange Commission announced it ended its investigation into a $1.3 billion subprime mortgage deal.


Feds Land Big Insider Trading Conviction With Rajat Gupta

By Steve Neavling

 A federal crackdown on illicit trading on Wall Street netted its latest catch with the conviction of Rajat Gupta, a business insider and former board member of Goldman Sachs Group Inc., Reuters reports.

Gupta was convicted Friday on charges that he leaked confidential information about Goldman Sachs during the peak of the economic crisis.

He faces up to 25 years in prison after being found guilty of four criminal counts, according to Reuters.

The case is the latest victory by the U.S. Attorney’s Office in Manhattan, which has launched an aggressive campaign to bust insider trading.

Fed Prosecutors Open Preliminary Probe into Goldman Sachs

goldman-sachs-logoBy Allan Lengel

WASHINGTON — The Justice Department has opened a preliminary investigation into Goldman Sachs, the poster child for greed in America.

The New York Times, citing “people familiar with the matter’, said the Securities and Exchange Commission, which has filed a civil fraud suit against the financial giant, Goldman, referred the case to the U.S. Attorney’s Office in Manhattan.

The company has denied claims by the SEC that it defrauded investors.

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