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Former Goldman Sachs trader turns himself in to FBI Former Goldman Sachs trader pleads guilty to wire fraud
(about 3 hours later)
Former Goldman Sachs trader Matthew Marshall Taylor has handed himself in to FBI agents in New York. Former Goldman Sachs trader Matthew Marshall Taylor has pleaded guilty to defrauding the bank with an $8.3bn (£5.5bn) unauthorised trade in 2007.
In November, the Commodity Futures Trading Commission (CFTC) alleged that Mr Taylor hid trades in 2007 that cost his employer more than $118m (£78m). Earlier in the day Taylor, 34, handed himself in to FBI agents in New York.
The CFTC said he failed to disclose an $8bn position on a futures contract. The CFTC wants $130,000 in penalties. He pleaded guilty - before US District Judge William Pauley in a federal court in lower Manhattan - to a count of wire fraud, and said he was "truly sorry".
Goldman paid $1.5m last year to settle charges that it had failed to appropriately supervise Mr Taylor. Taylor was dismissed in December 2007 after the incident, which resulted in a $118m loss for the Wall Street bank.
Last year, the CFTC charged Mr Taylor with defrauding his employer and alleged that he obstructed the discovery of the scheme by providing "false, misleading or deceptive information". Goldman paid $1.5m last year to settle charges that it had failed to appropriately supervise Taylor.
Mr Taylor started his Wall Street career at Morgan Stanley in 2001 after attending the Massachusetts Institute of Technology. Taylor told the court he knew his actions were wrong and illegal but established the trade to boost his reputation and pay packet.
He joined Goldman Sachs in 2005 and worked there until he was discharged on December 2007, for building up "inappropriately large proprietary futures positions in a firm trading account," according to a filing with the Financial Industry Regulatory Authority (Finra). His salary was $150,000 and he expected a $1.6m bonus.
After leaving Goldman Mr Taylor returned to Morgan Stanley, where he remained until July 2012. Taylor started his Wall Street career at Morgan Stanley in 2001 after attending the Massachusetts Institute of Technology.
He joined Goldman Sachs in 2005 and worked there until his sacking, for building up "inappropriately large proprietary futures positions in a firm trading account", according to a filing with the Financial Industry Regulatory Authority (Finra).
After leaving Goldman, Taylor returned to Morgan Stanley, where he remained until July 2012.
He will be sentenced on 26 July.