Goldman Strikes $10M Deal To Block Ponzi Scheme Suit

Law360, New York (December 14, 2011, 6:04 PM EST) -- A Goldman Sachs Group Inc. unit agreed Wednesday to preemptively pay nearly $10 million to avoid a potential lawsuit in Florida over the investment firm's failure to spot Arthur Nadel's alleged $168 million Ponzi scheme, though it served as a brokerage for the convicted schemer.

The accord was struck between Goldman Sachs Execution & Clearing LP and Burton W. Wiand, the receiver appointed in the U.S. Securities and Exchange Commission's suit against Nadel. Goldman will pay $9.85 million to avoid a suit and gain a broad...
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Case Information

Case Title

Securities and Exchange Commission v. Nadel et al

Case Number



Florida Middle

Nature of Suit



Richard A. Lazzara

Date Filed

January 21, 2009

Law Firms


Government Agencies

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