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Regulation and Compliance > Federal Regulation > SEC

Goldman Sent Inaccurate Data to the SEC on 163M Trades

By Austin Weinstein

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Goldman Sachs Group Inc. agreed to pay a $6 million fine on Friday for sending inaccurate or incomplete trading data to the Securities and Exchange Commission covering at least 163 million transactions over a decade.

The flaws were found in 22,000 data files known as blue sheets, which firms routinely send to regulators, according to the SEC. The regulator said that Goldman’s submissions had 43 different types of errors, including misreporting trades in US Central Time, instead of the required Eastern Time. Regulators ask for blue sheets from brokers to probe suspect trading.

Goldman admitted to the findings in the regulator’s settlement order. The Wall Street bank also reached a related settlement with the Financial Industry Regulatory Authority, the SEC said.

“We are pleased to have resolved this matter,” Goldman said in a statement. The bank, which self-reported many of the errors, is in the process of submitting corrected blue sheets to the SEC.

Friday’s settlement is the latest in a series of fines this year that regulators have levied against the Wall Street giant.

In August, the bank paid $5.5 million to the US Commodity Futures Trading Commission over claims that it failed to retain thousands of phone calls. It paid $15 million to the same regulator in April over allegations that it failed to disclose pricing data on some swaps transactions. Earlier in the year, Goldman paid $3 million to Finra to settle allegations that it mistakenly marked tens of millions of stock orders as long instead of short.

Meanwhile, the bank is enlisting several hundred new staffers to help address concerns from authorities including the Federal Reserve, Bloomberg News has reported.

Copyright 2023 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.