Broke Croatian Seamstress Scores a Victory Against the SEC (and Saves Herself $5.72 Million She Didn't Have Anyway)
How is it the name "Goldman Sachs" can end up in even the most bizarre financial fraud story?
In "I wouldn't believe this if I didn't know better" news, it appears that a Croatian seamstress has won a small victory against the SEC, who accused her of allowing her ex Goldman Sachs nephew to rip off $6.7 million in her name. Uh, what?
A retired Croatian seamstress has won a court victory against the U.S. Securities and Exchange Commission in an improbable case implicating her in an insider-trading ring.
U.S. District Judge Kimba Wood threw out a $5.72 million default judgment won by the SEC last November against Sonja Anticevic, who is believed to be in her late 60s and living on a low income in Croatia.
Prosecutors in 2005 accused Anticevic of holding two brokerage accounts in her name that her nephew David Pajcin, a former Goldman Sachs Group Inc (GS.N) broker, used for trades that generated $6.7 million of illegal profits.
Wood imposed the $5.72 million penalty after Anticevic appeared to ignore four SEC complaints. Anticevic later hired a Croatian lawyer, who said his client responded to the court in an Aug. 31, 2009 letter but sent it to the wrong address.
Sounds like a totally legit operation.
Anyway, the SEC isn't completely heartless so I guess they are letting her off with a stern warning and without so much as a "we're sorry" or "where the fuck did we think you would get $6 million from any damn way?!"