Goldman: Paying For Prostitutes "Inappropriate" But Did Not Influence Investment Decisions

Mark Melin

Published onJuly 5, 2016

Updated on May 13, 2021

A Goldman Sachs employee using his own funds to purchase prostitutes for a relative of the head at the Libyan Investment Authority (LIA) was a mistake, a Goldman Sachs official said. But encouraging the man to “get divorced from your wife for a weekend” didn’t influence him in purchasing $1 billion in now worthless derivatives, the investment bank contended in court.

Goldman employee using own funds to purchase prostitute for brother of Libyan investment authority executive "personal"

Andrea Vella, Goldman Sachs co-head of Asian investment banking, said had he known about the incident he would have been concerned.

Goldman banker Youssef Kabbaj purchased two prostitutes for a 2008 Dubai trip with...

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Mark Melin

Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.

Goldman: Paying For Prostitutes "Inappropriate" But Did Not Influence Investment Decisions

Goldman employee using own funds to purchase prostitute for brother of Libyan investment authority executive "personal"

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