- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-08-17T18:26:00
Goldman Sachs agreed to pay $425,000 as part of a settlement with the Financial Industry Regulatory Authority (FINRA) addressing allegations of reporting and supervision violations regarding more than 1 million over-the-counter (OTC) options positions.
The bank failed to report or inaccurately reported OTC options positions to the large options positions reporting (LOPR) system in violation of FINRA Rule 2360(b)(5), according to the self-regulatory organization’s disciplinary action published Wednesday. Goldman neither admitted nor denied FINRA’s findings.
Between July 2018 and September 2021, Goldman’s systems for reporting OTC options positions “failed to recognize that the accounts of certain customers were under common control or acting in concert,” according to FINRA. These alleged lapses affected 1,035,000 positions.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
Santander U.S. Capital Markets agreed to pay $100,000 to settle allegations by the Financial Industry Regulatory Authority regarding supervision failures related to misuse of material nonpublic information.
Miami-based broker-dealer Citadel Securities was fined $7 million as part of a settlement with the Securities and Exchange Commission addressing mismarked short and long sales caused by a coding error in the firm’s automated trading system.
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.
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
Aviation maintenance services provider AAR Corp. will pay nearly $56 million to settle charges that it violated the Foreign Corrupt Practices Act when it paid bribes to government officials in Nepal and South Africa.
