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Sunday, October 17, 2021

SEC charges former Goldman Compliance Analyst with Insider Trading

NEW YORK (Reuters) – A U.S. regulator on Wednesday accused a former Goldman Sachs Group corporate compliance analyst of insider trading, saying he had done illegal business involving banking clients while working in Warsaw, Poland.

The US Securities and Exchange Commission (SEC) says Jose Luis Caserro Sanchez, a 5-year-old from Spain, learned non-public information about his employer’s clients through work in a “control room” that tracks pending mergers, acquisitions and financing.

According to an SEC complaint filed in U.S. District Court in Manhattan, Cassero’s responsibility is to update the bank’s secret “gray list”, which tracks clients involved in such transactions.

According to the regulator, Cassero made a profit of about 47 472,000, using at least five times before making significant transactions before his significant resignation from September 2020 until his resignation in May 2021.

Wednesday’s lawsuit does not identify Goldman by name, but Goldman did identify clients whose shares Casro allegedly traded.

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According to the SEC, Cassero has at least nine businesses related to the merger of special purpose acquisition companies.

“We condemn this heinous act, which violates our conduct and business principles,” Goldman said in a statement. “We are fully cooperating with the SEC.”

Caserro did not immediately respond to a request for comment. A lawyer for him could not be immediately identified.

The SEC is seeking to seize an asset against Casero and his parents, both of whom are “relief defendants”. It said all three were Spanish nationals believed to have lived in Granada.

According to LinkedIn, Cassero worked at UBS Group AG from February 2018 to April 2019 before joining Goldman. He has not worked at UBS since, a source close to the matter said, although LinkedIn said he was “currently” working there.

By Jonathan Stampel



This News Originally From – The Epoch Times

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