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

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat