Goldman Sachs (NYSE:GS) has been charged by the US Securities and Exchange Commission (SEC) for failing to provide complete and accurate securities trading information to the agency.
The SEC accused Goldman of more than 22,000 instances of turning in what are called blue sheet submissions with deficient information.
The agency’s order says more than 43 types of errors resulted in missing or incorrect data on at least 163 million transactions.
Furthermore, Goldman did not have adequate processes in place to confirm the accuracy of its electronic blue sheet submissions, the order found. The SEC did note that a remedial effort on Goldman’s part to correct the problem resulted in the self-reporting of 29 of the 43 total types of errors.
All that adds up to violations of the broker-dealer recordkeeping and reporting provisions of federal securities laws. Goldman agreed to pay $6 million to resolve the charges.
Meanwhile, the Financial Industry Regulatory Authority (FINRA), which regulates broker-dealers, also reached a settlement with Goldman for related conduct.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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