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Goldman Sachs unit must pay US$1.8m for reporting failures: FINRA
[NEW YORK] A Goldman Sachs Group Inc unit must pay US$1.8 million for not reporting "substantial" details about its alternative trading system orders to a system that tracks that information, as well as other lapses, Wall Street's industry-funded watchdog said.
Goldman's clearing and execution unit "failed" to send "a substantial number" of details about orders to a Financial Industry Regulatory Authority auditing system during a seven-year period, the regulator said on Monday.
Other violations by Goldman included sending inaccurate order data to FINRA for more than eight years, FINRA said. In addition, Goldman did not have adequate controls in place to detect and prevent the violations.
Goldman, in reaching the civil settlement with FINRA, neither admitted to nor denied wrongdoing, according to FINRA.
A Goldman spokeswoman could not immediately be reached for comment.