Former Goldman Sachs ETF Trader Accused of Insider Trading
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A former Goldman Sachs Group Inc. trader and his father were accused by U.S. regulators of making illegal trades based on confidential information related to the Wall Street firm’s exchange-traded fund investments.
Spencer Mindlin, 33, and Alfred Mindlin, 68, reaped at least $57,000 in illicit profits by trading in December 2007 and March 2008 “with knowledge of massive, market-moving trades” that Goldman Sachs planned to execute in four securities, the Securities and Exchange Commission said today in a statement. The Mindlins denied the claims, which were outlined in an administrative proceeding filed by the SEC’s enforcement unit.