Featured Story
Goldman Sachs has avoided staying out of the insider trading spotlight for about a year. But on Friday, new court documents reveal that an investment banker at the firm’s New York branch was arrested for his alleged involvement in an insider trading scheme that generated $2.6 million in illicit profits, according to Bloomberg.
Bryan Cohen, a vice president at Goldman, was arrested Friday by the Feds for leaking “nonpublic information concerning impending corporate transactions” over a three year period in exchange for cash and gifts, stated the US Securities and Exchange Commission (SEC) in a formal complaint via the US District Court Southern District of New York.
The insider trading scheme realized $2.6 million in illicit gains were tied to at least two different companies, including a possible takeover deal that sent Syngenta soaring in 2015, and Arby’s 2017 takeover of Buffalo Wild Wings.
“Throughout that period, Cohen, who was employed at a large international bank (“Investment Bank A”) carried out the scheme by misappropriating from his employer material nonpublic information concerning impending corporate transactions,” court documents read.
The SEC alleges that Cohen shared the nonpublic information with George Nikas, an NYC restaurateur who owns GRK Fresh with three locations in Manhattan, was also charged by federal prosecutors for making the trades.
In exchange for making the trades, the SEC alleges that Nikas paid out Cohen “a share of the profits and/or other benefits.”
News of the insider trading scheme at Goldman broke on Saturday morning. The investment bank also saw two employees in 2018 charged by the SEC for similar schemes.
Last May, Woojae “Steve” Jung, a Goldman TMT Vice President, was charged with securities fraud for using inside information about the investment bank’s clients to make $140,000 in illicit profits on 12 deals while using a co-conspirator in South Korea to execute the trades.
In August last year, a former Goldman analyst leaked nonpublic information about upcoming mergers to NFL star Mychal Kendricks. The SEC has since charged them both.
There’s no indication via LinkedIn that Cohen has been fired from Goldman. Bloomberg notes that he’s been placed on leave, which means he’ll be fired in the coming weeks. Source
StevieRay Hansen
Editor, Bankster Crime
MY MISSION IS NOT TO CONVINCE YOU, ONLY TO INFORM…
Tagged Under: #Fraud #Banks #Money #Corruption #Bankers,#Powerful Politicians, #Businessmen
Don't Miss
“Have Fun Staying Poor” – Bitcoin Standard’s Ammous Warns “The Dollar Is Over… The Fiat Bargain Broke Down”
“For me, the dollar is over. The Fiat bargain broke down… …Show me what you’ve done with your portfolio with your bonds with your stocks…
3/22/24: FTX Was Down to Last 105 Bitcoins When Bankruptcy Rescue Crew Arrived: John Ray,Ray Said Bankman-Fried’s Victims “Will Never Be Returned to the Same Economic Position They Would Have Been in Today Absent His Colossal Fraud
By Cheyenne Ligon Current FTX CEO John J. Ray III is pushing back against his disgraced predecessor Sam Bankman-Fried’s claims that customers lost “zero” money…
3/21/24:From The Analyst, What’s Next For Crypto?
After a staggering crypto rally, primarily led by Bitcoin, it is fair to say that the approval of spot bitcoin U.S. ETFs in January approval…
3/20/24:During Spring Bank Panic of 2023, Liquidity Advances from FHLBs Topped Those of Q4 2008, when Wall Street Was in Collapse
By Pam Martens and Russ Martens: According to data from the Federal Deposit Insurance Corporation, and using a graph from the St. Louis Fed above, the…
3/19/24: JPMorgan’s Federally-Insured Bank Is Fined $348 Million for Losing Track of “Billions” of Trades
By Pam Martens and Russ Martens: March 19 2024 Jamie Dimon Sits in Front of Trading Monitor in his Office (Source: 60 Minutes Interview, November 10, 2019)…
