SEC says it's barred former head of RMBS trading at Goldman Sachs
The Securities and Exchange Commission said it's barred the former head trader in residential mortgage-backed securities at Goldman Sachs from the securities industry. The SEC says it's fined Edward Chin $400,000 after alleging he concealed the prices at which Goldman bought the securities and then re-sold at higher prices. The SEC also said Chin misled purchasers by saying he was negotiating a transaction between customers when he actually was selling out of Goldman's inventory. The customers in these trades were primarily advisers to hedge funds. Chin's misconduct began in 2010 and ended when he left the firm in 2012, the SEC alleged. Chin didn't admit or deny the findings.
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