Another Delta One Casualty: Former Goldman ETF Trader Caught In Insider Trading Bust

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Wed, 09/21/2011 - 14:05 | 1693430 Dr. Engali
Dr. Engali's picture

Rogue traders every where you look.

Wed, 09/21/2011 - 14:13 | 1693470 flacon
flacon's picture

Does anybody have a video feed of the FOMC announcement? Thanks!

Wed, 09/21/2011 - 17:18 | 1694526 covert
covert's picture

too bad he got cought, insider trading should be legal.

oh, that's right! it is if your name happens to be:



Wed, 09/21/2011 - 14:07 | 1693431 GeneMarchbanks
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Aftermath from the Alpha scandal?


Anyways, 10 minutes before the Bernank they are really airing out the  dirty dirty laundry...


Wed, 09/21/2011 - 14:06 | 1693439 BrocilyBeef
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silver, you pleasant internet bitchez.

Wed, 09/21/2011 - 14:09 | 1693449 Soul Train
Soul Train's picture

geeez. Great expose. Crooks. No ethics. Just greedy bastards

Wed, 09/21/2011 - 14:10 | 1693450 Hedgetard55
Hedgetard55's picture

Arrested for a measly $57k? While Bernankecide prints trillions.

Wed, 09/21/2011 - 16:15 | 1694248 Grinder74
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Typical SEC. They go balls-to-the-wall against minor alleged "schemes" like this, extracting disgorgment and penalties far in excess of the individual's net worth, and eventually bankrupting (literally) the individual while companies like Goldman that commit mult-million and -billion dollar schemes get away with paying penalties less than 1% of their annual profits. Maybe this is why they are so into midget porn--they only fuck little guys.

Wed, 09/21/2011 - 18:29 | 1694849 ska11153
ska11153's picture

Could not agree more....your statement is unfortunately very true.  Sad state of our government, the SEC and the regulatory environment we are in

Wed, 09/21/2011 - 20:19 | 1695157 Freddie
Freddie's picture

The examples are almost endless.   For example - how about the shitty Chinese scam companies that are such a scam - they cannot get listed in China!  The SEC let's them get listed in the US exchanges!!

Wed, 09/21/2011 - 17:15 | 1694505 SokPOTUS
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$57K.  How in the hell did they ever notice?  That's not a rounding error; that's a shadow of a rounding error.

Wed, 09/21/2011 - 14:10 | 1693452 1835jackson
1835jackson's picture

When is enough- enough?

Wed, 09/21/2011 - 14:10 | 1693458 TradingJoe
TradingJoe's picture

57K in profits? jesus this is a joke right?

Wed, 09/21/2011 - 14:12 | 1693465 lolmao500
lolmao500's picture

This is such a joke. So many traders do insider trading that it's almost legal.

Hell congress is exempted from insider trading. I mean come on!

Wed, 09/21/2011 - 14:15 | 1693480 Smiddywesson
Smiddywesson's picture

And just what is wrong with frontrunning the peasants?

Wed, 09/21/2011 - 17:52 | 1694674 Freddie
Freddie's picture

Buffett and his cronies at Berkshire does this every day. He does it while shitting in his bath water because he cannot hold his feces anymore.

Wed, 09/21/2011 - 16:38 | 1694352 Rick64
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Congress also has been passing legislation which they trade off of and profit. This has been happening since the first congress. Check out the war bonds that were going for pennies on the dollar before the first congress passed legislation saying the government would back them of course many members of congress bought them beforehand.

Wed, 09/21/2011 - 21:21 | 1695326 optimator
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No joke, it is very serious. All those trading inside info cut into Goldies profits.

Wed, 09/21/2011 - 14:14 | 1693472 OuaisBla
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Note that this is a FORMER GS employee who got caught pants short.

Wed, 09/21/2011 - 14:14 | 1693475 GenX Investor
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Wed, 09/21/2011 - 14:14 | 1693476 Smiddywesson
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Kid, you can steal with the Squid, but don't you ever steal from the Squid.

Wed, 09/21/2011 - 17:09 | 1694481 Freddie
Freddie's picture

LOL!  The kid and his CPA old man must feel like the dumbest schmucks from Queens.  He worked at Goldman and stole $57K.  LOL!  What a loser.

He should have given the Squid a cup of coffee like Eric Roberts did in The Pope of Greenwich Village aka Bed Bug Eddie.  He gave him a cup of lye/drain cleaner.

The Squid - Lloyd Fischbein or whatever his name is - is the Pope of Greenwich, CT.

Wed, 09/21/2011 - 14:16 | 1693483 WonderDawg
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With inside info the best this guy could do was skim 57K? The guy must be criminally retarded. How did he ever get hired at Goldman?

Wed, 09/21/2011 - 17:59 | 1694716 Freddie
Freddie's picture

His grandfather Morty was probably a good con man for Goldman back in the day.  He got his semi-retard grandson a gig at GS. GS lets UBS hire the schwarzters over in London.

The kid and his old man the CPA got on a recorded line with TD Ameritrade discussing their strategy.  How f***ing stupid is that?

My guess is they probably thought the order taker at TD was some dumb "goyim."  LOL!  What idiots.  Ameritrade order takers are some times smarter than Goldman c**k s*ckers. I bet the Ameritrade kid on the desk knew options better than these two Bronx low lifes. 

Wed, 09/21/2011 - 14:16 | 1693484 LongSoupLine
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Wed, 09/21/2011 - 14:16 | 1693485 PulauHantu29
PulauHantu29's picture

"Why steal less when you can steal lots more."

Wall Street Mantra

Wed, 09/21/2011 - 17:04 | 1694466 Freddie
Freddie's picture

Warren Buffet's mantra too.  Does he wear his diaper in the bath?

Wed, 09/21/2011 - 14:16 | 1693487 King_of_simpletons
King_of_simpletons's picture

Rogue banks, Rogue traders, Rogue government.

Full on rogueness. The new normal.

Wed, 09/21/2011 - 17:15 | 1694507 Financial_Guard...
Financial_Guardian_Angel's picture

Rogueness, bitchez!

Wed, 09/21/2011 - 14:17 | 1693489 monopoly
monopoly's picture

There is no more reality here. Hate Fed days. Just throws everything off short term.

Wed, 09/21/2011 - 14:28 | 1693513 DonBadajoz
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Wed, 09/21/2011 - 14:49 | 1693641 NotApplicable
NotApplicable's picture

So, prosecuting thousands in fraud is likely why the SEC is too busy to prosecute trillions in fraud?

Good to see their priorities are in order.

Wed, 09/21/2011 - 15:03 | 1693818 optionking
optionking's picture

How much will it cost to prosecute this guys for 57K like 500 K 

Wed, 09/21/2011 - 19:00 | 1693902 ToNYC
ToNYC's picture


ETFs are embedded arbitrage schemes from the jump. The re-balancing is done by the perpetual front-runners. Winning!!

Wed, 09/21/2011 - 15:15 | 1693903 NaN
NaN's picture

Note to self:  never assume no one is listening when on hold.


Wed, 09/21/2011 - 15:43 | 1694088 mantrid
mantrid's picture

one day you might wake up to see SEC being after GLD fraud.


no, wait, you won't.

Wed, 09/21/2011 - 16:04 | 1694200 bankruptcylawyer
bankruptcylawyer's picture

mr stark. please. save us. 


Wed, 09/21/2011 - 16:14 | 1694247 Nobody For President
Nobody For President's picture

But on the plus side, GS closed under $100 today.

Wed, 09/21/2011 - 17:00 | 1694446 Ellesmere
Ellesmere's picture

Wow ..... another Martha Stewart "really big story".

Wed, 09/21/2011 - 17:00 | 1694448 Freddie
Freddie's picture

SEC said with his father's helping hand.  LOL!  The old man is a CPA Alfred Minden.   Will he get free bagels in prison?

Wed, 09/21/2011 - 17:16 | 1694510 SokPOTUS
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Or used as a bagel...

Wed, 09/21/2011 - 21:18 | 1695317 optimator
optimator's picture

When anyone other than Goldie has a perfect trading period making money every day it raises the suspicions of the SEC big time.

Wed, 09/21/2011 - 21:29 | 1695348 Tunga
Tunga's picture

Midland's defense hinges on the the "no post facto" clause where his trades were in reality; made 30 fantaseconds before they actually happened. 

Along time ago and far far away. 



Thu, 09/22/2011 - 02:51 | 1695898 AngryGerman
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"Who is your daddy and what does he do?"

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