Silicon Valley
entrepreneurs say they were mistreated by Goldman, joining other critics of the
firm.
FORTUNE -- Two Silicon Valley entrepreneurs
suing Goldman Sachs say the Wall Street firm mislabeled shares in the couple's
brokerage account in order to be able to assist short-sellers who were betting
against the company the couple founded.
A lawyer for the couple, Sehat Sutardja and
Weili Dai, co-founders and executives of the semiconductor company Marvell
Technologies (MRVL), said the claim will be added
Tuesday to a complaint the the couple filed with the Financial Industry
Regulation Authority earlier this month. The couple sued Goldman a year ago in
a San Francisco court. That case was thrown out and lead the couple to
resurface their suit as a FINRA complaint set to go to arbitration. Sutardja is
the CEO of Marvell. Dai is the company's manager of communications.
The suit claims that Goldman cost the
married couple $100 million by duping them into selling a portion of their
Marvell shares to cover a margin loan at the height of the financial crisis.
"Goldman had no legal right to lend out shares that didn't belong to the
firm," says Phil Gregory of Cotchett, Pitre & McCarthy, who is
representing Sutardja and Dai. "This whole case is about Goldman trying to
make Goldman look better, and my clients suffering for it."
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