Trading fraud: Goldman in settlement talks with US

Financial Times said a settlement with the US Commodity Futures Trading Commission is expected in the coming weeks.

NEW YORK: Goldman Sachs Group Inc is in settlement talks with the US government over an $8.3 billion position that one of the investment bank’s traders had concealed five years ago, according to a published report. The Financial Times said a settlement with the US Commodity Futures Trading Commission, which regulates US futures and options markets, is expected in the coming weeks, citing two sources familiar with the plans. Goldman declined to comment and the CFTC could not be reached for comment. The planned settlement follows Thursday’s announcement from the regulator that accused ex-Goldman trader Matthew Marshall Taylor of hiding a large position in S&P 500 e-mini futures contracts. Taylor has denied the accusations, his lawyer said on Thursday.

Published in The Express Tribune, November 11^th, 2012.