FINRA censures and fines Goldman Sachs for Reporting Issues
According to the Financial Industry Regulatory Authority (FINRA) Goldman Sachs & Co. LLC did not account for numerous conventional options positions between January 2010 and July 2016.
Additionally, certain executed options trades had exceeded the position restrictions in three different securities within four years, according to the settlement. FINRA further alleged that Goldman Sachs failed to install a supervisory system, that would have ensured compliance with the guideline set by the regulator.
According to FINRA: “The firm failed to establish and maintain an adequate supervisory system, including a system of follow-up and review, that was reasonably designed to achieve compliance with the rules governing the reporting of options positions to the [Large Options Positions Reporting] system.”
Goldman Sachs neither denied nor admitted to any wrongdoing in regards to the settlement.
In the six and a half year period of partial reports, Goldman Sachs had not accounted for 16,700 conventional options within 6.8 million incidents, FINRA claims in the settlement. In addition, the firm did not accurately report similar incidents from 2010 to 2014. The submitted records had indistinguishable account names, invalid residential addresses, incorrect tax numbers, and even more formatting issues.
Goldman Sachs & Co. LLC operates as an investment management company. The Company offers asset management, capital market, valuation, bonds, funds, financial analysis, investment strategies, and advisory services.
This information, which is publicly available on FINRA’s website has been provided by The White Law Group.
If you have questions about investments you made with Goldman Sachs, the securities attorneys of The White Law Group may be able to help you. To speak with a securities attorney, please call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
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