Just a little over a week after issuing its annual earnings report featuring a full-throated defense of its role in the housing market collapse, Wall Street giant Goldman Sachs, along with one of the company’s vice presidents, has been accused by the Securities and Exchange Commission of securities fraud for its role in the housing market collapse.

The SEC is charging the financial firm with defrauding investors for failing to disclose conflicts of interest in its mortgage investments.

The civil suit filed Friday alleges that the one of the firm’s clients helped to create and then bet against subprime mortgage securities sold to investors.

Investors in those securities lost over $1 billion on their investments, according to the SEC. Meanwhile, the company made a record $4.79 billion last quarter. Goldman was reportedly paid $15 billion for structuring the deal in 2007.

The allegations come just nine days after Goldman vigorously defended its role in the housing crisis, saying that it did not bet against its own investors.

“The firm did not generate enormous net revenues or profits by betting against residential mortgage-related products, as some have speculated,” the company wrote in a letter sent to shareholders last week. “Rather, our relatively early risk reduction resulted in our losing less money than we otherwise would have when the residential housing market began to deteriorate rapidly.”

The SEC charges dispute that. Instead, the regulator says, the company knowingly bet against the mortgage securities its packaged and sold to other investors.

“The product was new and complex but the deception and conflicts are old and simple,” says Robert Khuzami, Director of the Division of Enforcement, in a statement. “Goldman wrongly permitted a client that was betting against the mortgage market to heavily influence which mortgage securities to include in an investment portfolio, while telling other investors that the securities were selected by an independent, objective third party.”

Goldman vice president Fabrice Tourre, who the SEC claims was responsible for devising and marketing the securities, was also charged.

The SEC is seeking to recoup an undisclosed amount of profit made off of the deals.

For its part, Goldman is still defiant, denying the charges and vowing to right them.

“The SEC’s charges are completely unfounded in law and fact and we will vigorously contest them and defend the firm and its reputation,” the company said in a statement.

The company’s shares have already fallen 13 percent since the allegations were announced early Friday.

The SEC, in a statement, indicated that it may not be done investigating and prosecuting those responsible for the housing crisis meltdown.

“The SEC continues to investigate the practices of investment banks and others involved in the securitization of complex financial products tied to the U.S. housing market as it was beginning to show signs of distress,” Kenneth Lench, Chief of the SEC’s Structured and New Products Unit.