Goldman Nadel Settlement OKed

Feb 16 2012 | 2:43am 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.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of