December 6, 2013 / 8:48 PM / 4 years ago

Ex-Goldman trader gets 9 months in prison for unauthorized trade

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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