Goldman Sachs’ dogecoin millionaire re-emerges at UK healthcare company

A Goldman Sachs managing director who quit the bank after reportedly making millions trading cryptocurrency has re-emerged in a new role at a healthcare firm planning a London listing.

Aziz McMahon, who was head of emerging markets sales at Goldman in London, has been appointed as executive chairman of UK-based healthcare and pharmaceutical company SpectrumX, the firm said in a statement.

McMahon left Goldman Sachs in May, reportedly banking millions from trading Dogecoin, the cryptocurrency originally started as a joke which surged in value earlier this year after being championed by billionaire Telsa chief executive Elon Musk.

His windfall and subsequent departure from the US banking giant was originally reported by eFinancialCareers, and followed by numerous other publications. McMahon’s crypto gains could not be verified by Financial News.

McMahon spent 14 years at Goldman Sachs before stepping down. The announcement of his appointment said his interests included “early stage biotech, environmental regeneration and digital assets”.

READ Bitcoin, banks and blockchain: Here’s what Goldman, JPMorgan and others are planning

SpectrumX will start clinical trials of its SPC-069 therapy, which is said is designed to treat Covid-19 and other respiratory illnesses, but did not give a formal timeline in its statement. The announcement said initial trials show it is “100% effective at neutralising wildtype, Alpha variant and Delta variant forms of Covid-19”.

The company is planning a London listing in the fourth quarter.

READ Goldman’s dogecoin millionaire reveals crypto loophole for City traders

McMahon’s departure from Goldman sparked a fierce debate about what bank staff are allowed to trade on their own account. While most investment banks have strict policies on employees trading stocks, cryptocurrencies are often allowed as rules stand, people familiar with the matter told FN previously.

“Having supported SpectrumX since the outset, I am excited to agree to an executive chairman role, as the company accelerates the development and deployment of its patented chemistry, a 100% safe and effective nature-based cure to all pathogens known to mankind,” McMahon said in a statement.

His role will involve investor relations, corporate governance and creating the firm’s ESG policy, the statement said.

To contact the author of this story with feedback or news, email Paul Clarke

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