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Goldman managing director fired for internal violations

By Phillips & Cohen LLP

If all companies took such decisive action as Goldman Sachs did when it fired a top official for violating internal policies and procedures, they would have less to fear from whistleblowers.

The Financial Times reported Nov. 10 that Goldman Sacks fired London-based Alexandre Harfouche, head of European block trading, for "failing to make proper disclosures to the bank?s compliance department," citing sources with familiarity to the matter.

Companies that take proactive measures internally to root out improper behavior are less likely to face whistleblower charges, which are often substantially more costly than personnel changes or the loss of illegal income from fraudulent behavior.

Full post as published by False Claims Act - Qui Tam on November 10, 2010 (boomark / email).