Compliance professional charged with insider trading

Goldman Sachs compliance staffer charged with insider trading

From Finextra –

“A former Goldman Sachs staffer has been charged by the Securities and Exchange Commission with making nearly half a million dollars by stealing non-public information from the bank's email system and using it to make illegal trades ahead of client mergers.”

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Does Dismissal Signal Death Knell for Insider Trading Cases?

From Bloomberg –

“U.S. Attorney Preet Bharara’s dogged pursuit of insider trading cases over the past decade has been a boon for elite white collar litigators. But in the aftermath of a recent ruling significantly limiting liability, insider trading prosecutions are dropping like flies. Last week, the U.S. dismissed its case against former SAC Capital Advisors LP fund manager Michael Steinberg and abandoned charges against six cooperators who’d previously pled guilty.

Is it the end of an era?”

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Goldman’s New Cop Is FBI Agent Who Put Away Madoff, Rajaratnam

From Bloomberg Business –

“The FBI agent who oversaw the Bernard Madoff investigation and helped pioneer the use of wiretaps that yielded dozens of insider-trading convictions is now working for Goldman Sachs Group Inc.

Patrick Carroll, 50, joined the bank after almost a quarter century with the Federal Bureau of Investigation, the latest in a line of former feds who’ve moved to Wall Street firms. He is a vice president in Goldman Sachs’s compliance, surveillance and strategy group, part of a division overseen by Alan Cohen, global head of compliance.

While Carroll’s FBI career spanned bank robberies and organized crime, he’s best known for being at the investigative center of securities-fraud cases ranging from Madoff and billionaire fund manager Raj Rajaratnam to a $550 million Ponzi scheme used to buy expensive teddy bears.’

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