Stoltmann Law Offices is investigating Edward Chin, a former Goldman Sachs Group Inc. trader in residential mortgage-backed bonds (RMBS). Chin was recently barred from the securities industry over allegations that he misled customers and caused them to pay higher prices. Chin “generated extra revenue for Goldman by concealing the prices at which the firm had bought various securities,” according to a statement Tuesday from the Securities and Exchange Commission (SEC). He wanted to increase his own compensation. Chin agreed to pay $400,000. RMBS tend to be risky, illiquid investments that are not suitable for all investors. A broker must take into account a customer’s net worth, investment savvy, age and portfolio. If he does not, his brokerage firm may be liable for investment losses.
Edward Chin was registered with Goldman, Sachs & Co. in New York, New York from September 2003 until January 2013. He is not currently registered with any firm and is not licensed within the industry. Please call our Chicago-based securities law firm today to speak to an attorney for free about your options of suing Goldman Sachs if you suffered losses with Edward Chin. We may be able to help you bring a claim against the firm to be tried in the FINRA arbitration forum on a contingency fee basis. 312-332-4200.