Goldman Sachs will pay a $1.45 million fine to settle claims from the Financial Industry Regulatory Authority (FINRA) for inaccurate trade reporting.
The inaccuracies stemmed from coding errors affecting 36.6 billion trades reported to the consolidated audit trail (CAT). Additionally, a technology failure in late 2021 led to errors in preparing 90.8 million order memoranda, reporting 6.9 million trades, and issuing 372,000 confirmations. This also resulted in Goldman reporting 98,322 trades unnecessarily.
Goldman Sachs neither admitted nor denied wrongdoing in settling the allegations.
Tags #Business, #Law, #Technology
Lucem News Editor’s Opinion: When regular Americans mess up their taxes, the IRS drops the hammer—Goldman Sachs misreports billions in trades and gets fined what amounts to pocket change. Must be nice to have a “coding error” clause in your accountability policy.
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