Former Goldman Sachs Group Inc. trader Matthew Taylor was sentenced to nine months in prison for concealing an unauthorized $8.3 billion trading position in 2007, which caused the bank to lose $118 million.
U.S. District Judge William H. Pauley in Manhattan, who presided over the case, ordered Taylor to repay $118 million to Goldman Sachs. He said Goldman Sachs is a victim and is entitled to the restitution.
Taylor’s lawyer, Thomas Rotko, had asked the judge to impose a sentence that didn’t include incarceration, saying Taylor had already been punished sufficiently for his crimes, citing his loss of his job and career. Taylor now operates a pool-cleaning service.
“I had worked so hard for my job at Goldman and was facing failure,” Taylor, 34, said in a letter to the judge. “I was so scared of losing the success that at the time I valued so dearly.”
Prosecutors in the office of Manhattan U.S. Attorney Preet Bharara argued that a term of 33 months to 41 months was reasonable for his crimes.
Taylor pleaded guilty in April to a single count of wire fraud. He told the judge he took the position to boost his standing, and his bonus, at Goldman Sachs.
The case is U.S. v. Matthew Taylor, U.S. 12-CR-251 District Court, Southern District of New York (Manhattan).
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