Michael Smirlock, a forty five year old former Goldman partner, pleaded guilty to securities and investment advisory fraud charges. His investors lost around $71m and he overstated the value of securities in their portfolio's in an attempt to cover up the shortfalls.
At the time of the fraud, he was president and chief executive of Laser Advisers, Inc, a registered investment adviser.
Smirlock was also previously an associate professor of finance at Wharton School of the University of Pennsylvania.
Associated Press reports that a former partner at Goldman Sachs has been sentenced to four years in prison for losing more than $70m and then hiding the losses from investors through fraud.
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