The Securities & Exchange Commission announced on Tuesday that it had filed fraud charges against Goldman Sachs' former head of residential mortgage-backed securities trading, claiming he misled the investment bank's customers and caused them to pay higher prices in certain trades. Edwin Chin has settled the SEC charges, agreeing to be barred from the securities industry for at least two years and pay $400,000. The SEC said its enforcement action against Chin is part of a continuing investigation. According to a 13-page administrative order filed by the SEC, Chin boosted revenue at Goldman by hiding prices at which the investment bank had purchased residential mortgage-backed securities (RMBS) and reselling those securities at higher prices to Goldman's clients. The SEC says Chin joined Goldman in 2003 and that his misconduct began in 2010 and continued until he left Goldman in 2012.