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Ex-Goldman trader pleads guilty in fraud probe

April 3, 2013

NEW YORK -- A former Goldman Sachs trader pleaded guilty to wire fraud Wednesday, admitting that he caused his company to lose $118 million in 2007 when he put $8 billion at risk. Matthew Marshall Taylor, 34, said he took the position on a futures contract traded electronically through the Chicago Mercantile Exchange in December 2007 to enhance his reputation and boost his earnings in a year when he made $150,000 in salary and $1.6 million in bonuses. At the time, he was working at Goldman Sachs in lower Manhattan.

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