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August 16, 2016

Posted  August 30, 2016

The former head trader in residential mortgage-backed securities (RMBS) at Goldman Sachs, Edwin Chin, has agreed to be barred from the securities industry and pay $400,000 to settle charges that he repeatedly misled customers and caused them to pay higher prices.  An SEC investigation found that Chin generated extra revenue for Goldman by concealing the prices at which the firm had bought various RMBS and then re-selling them at higher prices to the buying customers with Goldman keeping the difference.  On other occasions, Chin misled purchasers by suggesting he was actively negotiating a transaction between customers when he was merely selling RMBS out of Goldman’s inventory.  SEC

Tagged in: Misrepresentations, Securities Fraud,