17 May 2025, 10:53 GMT+10
NEW YORK CITY, New York: Goldman Sachs has agreed to pay a US$1.45 million civil penalty to resolve allegations from the Financial Industry Regulatory Authority (FINRA) that it failed to accurately report data for billions of stock market trades.
The settlement announced this week addresses claims that coding errors at the Wall Street bank led to the incorrect reporting of 36.6 billion trades to the CAT Central Repository, a consolidated audit trail used by regulators to monitor trading activity.
FINRA also cited a technology malfunction in October and November 2021 that resulted in Goldman inaccurately preparing 90.8 million order memoranda, reporting 6.9 million trades, and issuing over 372,000 trade confirmations. Additionally, the error caused the bank to report 98,322 trades that it should not have reported.
The regulator stated that the settlement also addresses alleged supervisory lapses related to these reporting failures.
Goldman Sachs neither admitted nor denied the allegations in agreeing to the settlement and has not commented on the matter.
Get a daily dose of Illinois Intelligencer news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Illinois Intelligencer.
More InformationTOKYO, Japan: Toyota Motor Corp is bracing for a 21 percent decline in full-year profit, as the impact of President Donald Trump's...
(250517) -- ROME, May 17, 2025 (Xinhua) -- Jannik Sinner returns a shot during the men's singles semifinal match between Jannik Sinner...
Moody's Ratings cuts U.S. credit rating citing budgetary burden Moody's Ratings on Friday slashed U.S. long-term issuer and senior...
Washington DC [US], May 17 (ANI): Addressing the global reactions to the recent tensions between India and Pakistan, Aparna Pande,...
Moody's Ratings anticipated that U.S. federal debt burden would rise to about 134 percent of GDP by 2035, compared to 98 percent in...
The return is a cultural milestone and a testament to China-U.S. cooperation in heritage preservation, bringing new vitality to people-to-people...
NEW YORK CITY, New York: Goldman Sachs has agreed to pay a US$1.45 million civil penalty to resolve allegations from the Financial...
WASHINGTON, D.C.: The largest firefighters' union in the United States is calling for federal antitrust authorities to investigate...
LOS ANGELES, California: One person died and 32 others were hurt when a tour bus and an SUV crashed on a freeway near Los Angeles over...
COLOMBO, Sri Lanka: A passenger bus carrying nearly 50 people skidded off a cliff in Sri Lanka's central highlands, killing 21 and...
WASHINGTON, D.C.: U.S. President Donald Trump signed an executive order this week to lower the cost of prescription drugs in the United...
PASADENA, California: A U.S. appeals court late last week upheld a federal law that stops felons from owning guns. The court rejected...