Goldman Nadel Settlement OKed

Feb 16 2012 | 3:43am ET

Goldman Sachs' deal to settle with the receiver in the Arthur Nadel Ponzi scheme case has been approved by a federal judge.

Under the agreement with Burton Wiand, who is attempting to recover money for victims of the $168 million fraud, Goldman Sachs Execution & Clearing will pay $9.8 million. Goldman was not accused of wrongdoing, but Nadel's broker, Shoreline Trading Group, cleared his trades through Goldman.

Nadel, who ran Scoop Management, pleaded guilty to fraud charges and is serving 14 years in prison.

Goldman reached the settlement agreement with Wiand in December. Last week, the receiver filed suit against Wachovia, accusing the bank—now part of Wells Fargo—of abetting Nadel's scam by allowing him to set up shadow bank accounts.


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