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Former Goldman Trader Pleads Guilty to Fraud

According to the Wall Street Journal, a former employee trader for Goldman Sachs Group, Inc. pleaded guilty before the court for his acts of fraud nearly half a decade ago. During this time, this man concealed an $8.3 billion futures position, an amount that exceeds his trading limit 10 times. Only 34 years of, this former employee claims that he purposefully hid this position from his employer and it lost the company $118.4 million.

As a result of his confession, and deepest apologies, the former trader has been convicted for a single count of wire fraud. His sentencing hearing will be at the end of July, and his crime has the potential of up to 20 years behind bars. First, the defendant was sued in civil court for the fraud by the Commodity Futures Trading Commission for concealing the position and giving false information to his employer at Goldman.

One factor that is beneficial for the defendant is that despite the fact that the scheme was considered as "sophisticated" by the Judge presiding over the case, he didn't seek to add extra charges that could have resulted in a longer prison sentence. The ex-trader came forward to the FBI Wednesday morning, April 3, 2013 while he was out on bail, to plead guilty to his actions.

In the event that you or someone you know has been accused of fraud or any other white collar criminal charge, contact the Law Offices of Joshua S. Davidson for the experienced and aggressive Phoenix criminal defense attorney you deserve on your side. We are well prepared to do whatever it takes to help fight your case seeking either your innocence or a reduced sentence for your actions. Contact us today for more information on how we can help you!