We already know that when it comes to obtaining "asymmetric info", no bar is too low for Goldman, the company, which stooped so low as to use current and former NY Fed employees who leaked regulator data, a transgression which would normally lead to years behind bars for most mortals but for Goldman merely resulted in another slap-on-the-wrist fine. Now we also find that the same is true for Goldman's employees.
Bloomberg reports [7]that a former Goldman Sachs Group Inc. employee "hired to help it monitor computer systems for illicit activity" used the company’s own inside information to invest in mergers and acquisitions involving the bank’s clients, the Securities and Exchange Commission said.
In a lawsuit filed this week in Manhattan federal court, the SEC accused Yue Han of exploiting his access to Goldman Sachs’s information systems to make $468,000 by trading through his personal account and that of a relative.
Not surprisingly, said former employee decided his best odds of liquidating his illicit proceeds are on home soils and quickly left the US to go back to China. Regulators are now asking a federal judge to freeze all assets still in the U.S.
We expect Yue's 500+ LinedIn connections to promptly dwindle to zero in the coming days.
[8]
Spokesmen for New York-based Goldman Sachs didn’t immediately respond to a request for comment after regular business hours. It was unclear if they could also blame this latest glaring oversight in internal controls on perpetual fall guy Fabrice Tourre.
