- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-08-29T19:51:00
Goldman Sachs was fined $5.5 million by the Commodity Futures Trading Commission (CFTC) as part of a settlement addressing alleged audio recordkeeping violations that followed a previous consent order the bank reached with the agency.
Goldman in November 2019 agreed to pay $1 million in settling with the CFTC over allegations it failed to retain certain audio recordings as required for swap dealers. That order contained cease-and-desist provisions violated by the firm as part of its larger penalty announced Tuesday.
“As this case demonstrates, the CFTC will continuously pursue swap dealers that fail to meet their recording obligations and there will be consequences for violating CFTC orders, including increased penalties,” said CFTC Director of Enforcement Ian McGinley in a press release.
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After four enforcement cases against Goldman Sachs in 18 months, CFTC Commissioner Christy Goldsmith Romero accused the firm of perpetuating a corporate culture that tolerates repeated violations of the agency’s rules.
Goldman Sachs, JPMorgan Chase, and Bank of America agreed to pay penalties totaling $53 million across settlements with the Commodity Futures Trading Commission addressing alleged swap reporting failures among their respective affiliates.
Goldman Sachs & Co. was assessed a $6 million penalty by the Securities and Exchange Commission as part of a settlement in which the financial institution admitted it submitted incomplete and inaccurate securities trading information affecting at least 163 million transactions.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
