The U.S. Securities and Exchange Commission has charged former senior compliance analyst from Goldman Sachs Group Inc with insider trading, saying he made illegal trades involving banking clients while working in Warsaw, Poland.
In a statement the SEC said Jose Luis Casero Sanchez, 35, of Spain, got access to material non-public information on his employer’s clients through his work in a “control room” that tracked pending financings, mergers, and acquisitions.
Casero’s duties included updating the bank’s confidential “Grey List,” which tracked clients involved in such transactions, states the SEC’s complaint filed with the U.S. District Court in Manhattan.
The complaint also states, “Casero used brokerage accounts opened in his parents’ names to trade ahead of significant transactions at least 45 times from September 2020 until his May 2021 resignation, reaping nearly $472,000 of profit”.
Although SEC’s lawsuit does not identify Goldman by name, but identified Goldman clients in whose stocks Casero allegedly traded.
At least nine of Casero’s trades related to mergers involving special purpose acquisition companies, said the SEC.
“We condemn this egregious behavior, which violates our standards of conduct and business principles,” said Goldman in a statement. “We are fully cooperating with the SEC.”
Neither Casero nor his lawyer immediately responded to requests for comment.
The SEC is also seeking to freeze Casero’s assets, including those of his parents, both of whom have been classified as “relief defendants.”
All three are Spanish citizens believed to have lived in Granada.