NEW YORK, April 3 (UPI) -- A former Goldman Sachs trader admitted in a federal court in New York to hiding a trading position from his supervisor that resulted in a $118.8 million loss.
Matthew Taylor admitted Wednesday to concealing a massive, $8.3 billion futures position from his supervisor more than five years ago, The Wall Street Journal reported.
"I am truly sorry," Taylor said when pleading guilty to one count of wire fraud.
Taylor told the court he lied in an email to Goldman personnel investigating the matter Dec. 14, 2007, the day after the alleged trade. He said he had hoped to boost his position at Goldman and increase his potential year-end compensation.
He said he hid his actions by recorded in a separate, manual system phony trades involving the sale of the same contracts.
The charge arose about five months after the Commodity Futures Trading Commission sued Taylor civilly, alleging he entered made-up trades by bypassing an internal system designed to send electronic trades to the Chicago Mercantile Exchange, the Journal said.
Sentencing is July 26.
After the hearing, Taylor, who lives in Florida, was released on a $750,000 bond.
He surrendered to the FBI in New York Wednesday morning, an FBI spokesman said.