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

Tyler Durden's picture

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Dr. Engali's picture

Rogue traders every where you look.

flacon's picture

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

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:

WARREN BUFFET!

http://covert3.wordpress.com

 

GeneMarchbanks's picture

Aftermath from the Alpha scandal?

 

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

 

BrocilyBeef's picture

silver, you pleasant internet bitchez.

Soul Train's picture

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

Hedgetard55's picture

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

Grinder74's picture

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.

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

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!!

SokPOTUS's picture

$57K.  How in the hell did they ever notice?  That's not a rounding error; that's a shadow of a rounding error.

1835jackson's picture

When is enough- enough?

TradingJoe's picture

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

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!

Smiddywesson's picture

And just what is wrong with frontrunning the peasants?

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.

Rick64's picture

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.

optimator's picture

No joke, it is very serious. All those trading inside info cut into Goldies profits.

OuaisBla's picture

Note that this is a FORMER GS employee who got caught pants short.

Smiddywesson's picture

$57k?

Kid, you can steal with the Squid, but don't you ever steal from the Squid.

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.

WonderDawg's picture

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?

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. 

PulauHantu29's picture

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

Wall Street Mantra

Freddie's picture

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

King_of_simpletons's picture

Rogue banks, Rogue traders, Rogue government.

Full on rogueness. The new normal.

monopoly's picture

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

DonBadajoz's picture

BURN ....EVERYONE BURN

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.

optionking's picture

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

ToNYC's picture

 

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

NaN's picture

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

 

mantrid's picture

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

 

no, wait, you won't.

bankruptcylawyer's picture

mr stark. please. save us. 

 

Nobody For President's picture

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

Ellesmere's picture

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

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?

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.

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. 

 

 

AngryGerman's picture

"Who is your daddy and what does he do?"