Deeb Salem, who worked for Goldman Sachs until 2012, is looking to recoup the money he thought he was promised after he received an $8.25 million bonus in 2010.
Salem said he was promised a $13 million payday, less than his $15 million bonus in 2009, and told his mom to expect the multi-million payout, according to documents from his arbitration hearing.
When he told her about the anticipated bonus in early 2011, Salem’s mother was living with him because her house had burned down on Christmas day, Bloomberg News reported.
Salem’s mom, whose name is attached to residences in both Massachusetts and Florida, declined to comment when contacted by Coins2Day.
Salem, who now works for a hedge fund, is appealing to the New York courts for the right to bring his case against America’s largest bank after the Financial Industry Regulatory Authority tossed out his claim. During the arbitration, he sought more than $16 million in additional pay.
“These claims are utterly ridiculous,” Goldman said in a statement. “Which is why they were rejected by a Finra panel, and unworthy of any further response.”
Goldman (GS) had docked the trader’s pay after a 2007 self-evaluation revealed misconduct related to his handling of mortgage-backed securities. Salem pushed the faulty securities on investors while obscuring the risks, a 2011 U.S. Senate report said.
Salem was not immediately available for comment when contacted at GoldenTree Asset Management, the hedge fund where he currently works.
