Wednesday, 20 August 2014
Last updated 2 hours ago
Sep 9 2010 | 2:14pm ET
Goldman Sachs has been fined £17.5 million for failing to notify British regulators about a U.S. probe that led to a US$550 million settlement.
The Financial Services Authority levied the fine today. Fabrice Tourre, the Goldman executive accused by the SEC of orchestrating the collateralized debt obligation deal at the heart of the U.S. fraud case against the firm, is based in London. Goldman was accused of misleading investors in the CDO, which was allegedly structured and marketed on behalf of hedge fund Paulson & Co.
“Goldman Sachs International did no set out to hide anything, but its defective systems and controls meant that the level and quality of its communications fell far below what we expect of an authorized firm,” Margaret Cole, head of the FSA, said.
Goldman said it was happy to resolve the matter.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note