Monday, January 19, 2009

Sentinel Management Trader Was Paid With Lap Dances To "Bring Firm Down"

In an update to the lawsuit filed by trustee Fred Grede against bankrupt cash management firm Sentinel Management Group, head trader Charles Mosley has been accused of accepting bribes including lap dances, expensive dinners and 2006 Orange Bowl tickets from Cohen & Co. and Keefe Bruyette & Woods (the original case description can be found here). According to claims, the firms "compromised, coopted and duped" Mosley into buying $280 million in structured debt. Other parties implicated include Goldman Sachs and Citadel, who have been accused of helping Sentinel insiders make fraudulent transfers on the eve of its bankruptcy. Sentinel, which had managed $1.6 billion of short-term investments for clients filed for bankruptcy in August 2007. The suit claims "Sentinel representations to customers about the assignment or allocation of specific securities to their segments were complete fabrications."

Making this relevant for today's news, if anyone has any pictures of 76 year old Art Nadel frolicking in Mons Venus, please bring them to our attention. Sphere: Related Content
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