“A former trader with US banking giant Goldman Sachs was arrested Wednesday on criminal charges of fraud linked to a scheme to hide an $8 billion futures bet, officials said. The federal prosecutor’s office in Manhattan said Taylor was due to appear before a judge on the charges ‘in connection with a scheme to accumulate and conceal an unauthorized $8 billion position in a trading account that he managed at Goldman, Sachs & Co.’ In November, the Commodities Futures Trading Commission filed a civil suit accusing Taylor of defrauding his employer ‘by intentionally concealing… the true huge size, as well as the risk and potential profits or losses associated.'”
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