An investment fund in Libya known as the Libyan Investment Authority (LIA) alleges that Goldman Sachs put the fund in over $1 Billion worth of high risk losing trades so Goldman managers could earn $350 million in fees. Goldman has admitted in court documents that it bribed officials working for Libya’s sovereign wealth fund but the claim brought by Libya about the fraud by Goldman is contested and Goldman denies the charges.

Libya has some unlikely allies as court documents  show that an official with the SEC supports Libya’s claim against Goldman.

The SEC conducted its own investigation as to how Goldman Sachs obtained business from the Gaddafi regime to manage money for LIA and has sided more with LIA’s claims of undue influence..