UPDATE: Goldman Fined By U.K. FSA

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.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...