Matthew Taylor cooked the books to protect his $1.5 million dollar bonus, and now he owes his former employer $118 million and the state nine months of his time.
As hard as it seems to get arrested on Wall Street these days, there’s apparently one quick way to the pen: screw Goldman Sachs. Back in 2007 29 year-old Matthew Taylor took an $8.3 billion dollar position in electronics futures contracts, then hid the huge bet from his employers. Earlier this year he was quoted in the Wall Street Journal as saying:
I accumulated this trading position and concealed it for the purpose of augmenting my reputation at Goldman and increasing my performance-based compensation. I am truly sorry for my actions.
On Friday a federal judge agreed and handed down a 9 month prison sentence to the former trainer turned swimming pool cleaner. Taylor was also ordered to repay the $118 million dollars his trade cost his employer. Previously he lost $3.5 million in fines and other judgements stemming from the same case.
– photo / AP