have found stock certificates and related paperwork showing that Goldman had about 25 million shares of Marvell shares transferred from the family’s personal ownership, under management by Goldman, to the firm, lawyers for the couple claim.
Couple: Bank Pillaged $450M in Stock
Goldman ‘sacks’ $1 billion tech fortune
By PAUL THARP
Last Updated:12:54 AM, March 27, 2012
Posted:12:42 AM, March 27, 2012
A Silicon Valley couple who entrusted their $1 billion tech fortune to Goldman Sachs claims newly discovered documents show the Wall Street firm hijacked $450 million of stock by wrongly deleting their names as owners and substituting the name of the firm.
Sehat Sutardja, 49, and his wife, Weili Dai, who founded chip giant Marvell Technology Group, have found stock certificates and related paperwork showing that Goldman had about 25 million shares of Marvell shares transferred from the family’s personal ownership, under management by Goldman, to the firm, lawyers for the couple claim.
Do not click on the next page. There is a picture of a man running, covered in flames. To protest he poured a flammable substance on his clothes and then lit it. This picture has nothing to do with the story of the thieves at Goldman Sachs.
I can’t imagine how anyone can transfer 25 million shares of Marvell shares and not think this would be discovered. I find these allegations not credible.
The family insisted that they had never approved such a transfer of their stock holdings, which were managed by Goldman’s tony private client group.
The documents were provided to The Post by lawyers for the family.
The family is expected to file a new claim against Goldman today with the Financial Industry Regulatory Authority, or Finra, backed by the recently discovered documents.
The Finra claim is the latest salvo in a long-running conflict between the Marvell founders and Goldman, related to the firm’s handling of their assets during the 2008 stock crash.
Goldman said it hadn’t seen the new claims, adding that “Goldman Sachs has consistently denied and continues to fight Dr. Sutardja and Ms. Dai’s claims.”
The family claimed in prior Finra filings that Goldman said the family stock holdings would be liquidated in the 2008 stock sell-off because their value dropped to below $5 a share.
Lawyers said the family allowed Goldman to put their Marvell shares into a purported custodial account to protect against a so-called “$5 liquidation rule.”
While the family allowed the transfer only if the new certificates listed owners as “Goldman Sachs & Co. For The Benefit Of …,” documents show no such words of “For the Benefit Of” now appear on the certificates, lawyers said yesterday.
- 2008 – Marvell Technology Group and Weili Dai agreed to pay fines of $10 million and $500,000, respectively, related to charges by the SEC (TLR Note: Weili Dai is clearly not credible. Hence, claim against Goldman Sachs suspect) (lesliebrodie.wordpress.com)