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Former trader convicted of wire fraud after $8.3 billion trade

Former trader convicted of wire fraud after $8.3 billion trade

As Chad Bray reports for the Wall Street Journal, 34-year-old finance trader Matthew Taylor pleaded guilty in federal court today to a white collar crime charge of wire fraud. The fraud involved a staggering $8.3 billion trade that he made while employed at Goldman Sachs.

Goldman Sachs said: “Matt Taylor provided false explanations when confronted about irregularities we detected in his account during […] the trading day,” while U.S. District Judge William Pauley III was more direct: “He cooked the books.”

The unauthorized trade was said to have caused a loss of more than $118 million to Goldman Sachs. Taylor says he made the trade in order to earn more compensation at the end of the year.

According to the Commodity Futures Trading Commission, which brought a civil lawsuit against Taylor, Taylor “fabricated” trades by doing an end-run around an internal system that would have sent those trades to the Chicago Mercantile Exchange.

As Bray reports, Taylor’s conviction for wire fraud means he could get up to 20 years behind bars.

At the Law Offices of James E. Crawford, Jr., we defend people against all kinds of white collar charges, including wire fraud.

Source: Ex-Goldman Trader Pleads Guilty to Fraud

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