U.S. regulators on Thursday accused a former Goldman Sachs Group trader of defrauding the bank of $118 million, reports Reuters.

The lawsuit was filed in Manhattan, with the CFTC saying Matthew Marshall Taylor entered fake trades in November and December 2007, in an attempt to conceal an $8.3 billion position in futures contracts.

The CFTC is seeking a $130,000 civil penalty against the trader, the complaint says.

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