Tuesday, March 27, 2012

Goldman ‘sacks’ Couple: Bank pillaged $450M in stock

According to a NY Post report, a Silicon Valley couple who entrusted their $1 billion tech fortune to Goldman Sachs claims newly discovered documents show the Wall Street firm hijacked $450 million of stock by wrongly deleting their names as owners and substituting the name of the firm.

Sehat Sutardja, 49, and his wife, Weili Dai, who founded chip giant Marvell Technology Group, have found stock certificates and related paperwork showing that Goldman had about 25 million shares of Marvell shares transferred from the family’s personal ownership, under management by Goldman, to the firm, lawyers for the couple claim.

The family insisted that they had never approved such a transfer of their stock holdings, which were managed by Goldman’s tony private client group.
The documents were provided to The Post by lawyers for the family. The family is expected to file a new claim against Goldman today with the Financial Industry Regulatory Authority, or Finra, backed by the recently discovered documents.

Wait, wait...there's more: http://www.nypost.com/p/news/business/goldman_sacks_oarn7rws39lAXmkuE75wJI

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