In August 2016, the SEC settled a “Litvak” type case with Edwin K. Chin, a former Goldman Sachs trader of residential mortgage-backed securities (“RMBS”). The RMBS that he traded were relatively illiquid. He was accused of both misleading customers about the ownership of the securities – in some cases, Goldman Sachs already owned the securities in its book, and he was accused of intimating to clients that he was still negotiating with a third party seller – and about the amount that he was making on the securities. Administrative Proceeding File No. 3-17394. Here is the link to their decision: https://www.sec.gov/litigation/admin/2016/34-78585.pdf.
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