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Are you suggesting it's fraud to try to sell something for more than you think it's worth?
by NovemberWhiskey 5y ago
Are you suggesting it's fraud to try to sell something for more than you think it's worth?
- toomuchtodo 5y agoIt's fraud to materially misrepresent a security [1]. EDIT: In Goldman's case (from the URL citation): Goldman Sachs - SEC charged the firm with defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S. housing market was beginning to falter. (4/16/10) Goldman Settled Charges - Firm agreed to pay record penalty in $550 million settlement and reform its business practices. (7/15/10) Fabrice Tourre (mentioned above) Found Liable - A jury found former Goldman Sachs Vice President Fabrice Tourre liable for fraud relating to his role in a synthetic collateralized debt obligation tied to subprime residential mortgages. (8/1/13) A U.S. judge ordered former Goldman Sachs Group Inc trader Fabrice Tourre to pay more than $825,000 after a jury found him liable for defrauding investors in a subprime mortgage product that failed during the financial crisis. [1] https://www.sec.gov/spotlight/enf-actions-fc.shtml https://www.sec.gov/spotlight/enf-actions-fc.shtml