Matthew Taylor, Ex-Goldman Trader, Sentenced To Prison

Ex-Goldman Trader Sentenced To Prison
Former Goldman Sachs trader Matthew Taylor leaves Manhattan federal court Wednesday, April 3, 2013, in New York. Taylor pleaded guilty to wire fraud on Wednesday, admitting that an $8 billion position on a futures contract that cost the company $118 million was 10 times what he was allowed. (AP Photo/Louis Lanzano)
Former Goldman Sachs trader Matthew Taylor leaves Manhattan federal court Wednesday, April 3, 2013, in New York. Taylor pleaded guilty to wire fraud on Wednesday, admitting that an $8 billion position on a futures contract that cost the company $118 million was 10 times what he was allowed. (AP Photo/Louis Lanzano)

NEW YORK, Dec 6 (Reuters) - Former Goldman Sachs Group Inc trader Matthew Taylor was sentenced on Friday to nine months in prison and pay $118 million in restitution to his former employer after he pleaded guilty to pursuing an unauthorized $8.3 billion futures trade in 2007.

U.S. District Judge William Pauley imposed the sentence in court eight months after Taylor turned himself in to federal authorities and admitted to wire fraud.

The bank had sought the $118 million to cover its losses on the trade, a request that the U.S. Department of Justice supported.

Prosecutors claimed Taylor lied to supervisors and fabricated trades to conceal an $8.3 billion position in Standard & Poor's 500 e-mini futures contracts, which bet on the direction of that index.

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