May 25, 1999 |
Refco Inc., a global futures brokerage, will pay $8 million to settle allegations its lax procedures let Beverly Hills money manager S. Jay Goldinger juggle customers' profits and losses. Refco, without admitting wrongdoing, agreed to pay $6 million to the Commodity Futures Trading Commission, one of the largest penalties ever assessed by the agency, and $1 million to fund an industry study of how brokers receive and record customer orders.
February 14, 1996 |
Pier 1 Sues Goldinger, Brokerage: The lawsuit accuses money manager Jay Goldinger and his firm of poor investments in which the Fort Worth-based company eventually lost $19.3 million. Pier 1 Imports alleged in the suit that Goldinger had a "twisted variation of a Ponzi scheme" in which he shifted funds from clients' accounts to hide huge losses from trading in speculative futures. Last week the company fired its chief financial officer, Robert G.
January 25, 1996 |
PairGain Technologies Inc. has filed a lawsuit accusing money manager S. Jay Goldinger of making unauthorized trades that cost the company $15.8 million, concealing his moves with phony financial statements and churning the account to run up a huge commission tab.
January 6, 1996 |
Futures Regulators Suspend Goldinger: S. Jay Goldinger and his shuttered Beverly Hills investment firm, Capital Insight, have been suspended by the National Futures Assn., a self-regulatory body of the commodities industry. The NFA's move means neither he nor the firm can legally trade futures or options. The association said it took the step after Goldinger refused to meet with two NFA agents who visited his firm in late December to investigate a client's complaint of substantial losses.
January 5, 1996 |
For sheer brashness, it's hard to top what investment broker S. Jay Goldinger did the day his horse Putting won the seventh race at Hollywood Park. Invited into the winner's circle for a celebratory photograph, Goldinger arrived bearing a "for sale" sign to hang on the horse--earning him a dressing-down from track stewards. But Goldinger was never one to let conventional notions of decorum or prudence cramp his style.
December 30, 1995 |
A lawyer for the Chicago firm that handled commodity trades for Beverly Hills financier S. Jay Goldinger said Friday that the firm mailed Goldinger's clients detailed disclosures of his futures and options trades on their behalf. The assertion seems to undermine claims by two corporations that they lost millions of dollars from belatedly discovered unauthorized trades by Goldinger in their accounts. The Chicago firm is Refco Inc.