Third Goldman Sachs Banker Charged With Insider Trading In 18 Months
Court records show that a Goldman Sachs banker was charged with insider trading Friday, making him the third from the renowned investment bank charged in 18 months, according to Markets Insider.
Bryan Cohen is the vice president in Goldman's investment banking division for consumer and retail. Court records revealed that Cohen was accused of leaking information regarding deals involving Swiss agrochemical company Syngenta and Buffalo Wild Wings to another trade. The gains from the deal yielded $2.6 million in illegal profits.
The Securities and Exchange Commission (SEC) was in investigating the matter after they received a tip that Cohen had received compensation for leaking information to an anonymous trade about takeover bids for Swiss agrochemical provider Syngenta in 2015 and Buffalo Wild Wings in 2017.
"Cohen directly or indirectly tipped the information to at least one individual who used it to trade securities," the suit states. "Cohen expected to, and in fact did, receive cash in exchange for the insider tips he provided." Cohen appeared in the United States South District of New York Court after he was arrested on Friday.
The insider trading charges against Cohen marks the third set against a Goldman Sachs banker in the past 18 months. In June, another employee was sentenced to three months in prison for earnings obtained by trading on proprietary information about some of Goldman's clients. In 2018, a former Goldman analyst pleaded guilty after it was discovered that he had leaked tips about upcoming mergers to an NFL linebacker in exchange for tickets.
This string of insider trading charges is worrisome for the investment bank regarded as the best in the world.