The Financial Industry Regulatory Authority (FINRA) fined Goldman Sachs $20,000 on October 22, 2013, when the firm entered into a Letter of Acceptance, Waiver and Consent (AWC). On March 15th, 2013, the firm was fined $39,000, which included a fine of $37,000 for violations of a FINRA rule. On June 10, 2011, FINRA fined Goldman Sachs $27,500 for late reporting techniques, and on March 16, 2010, they were fined $40,000 for violations of FINRA rules. Goldman Sachs did not adhere to rules with the Trade Reporting and Compliance Engine (TRACE) reporting requirements. This caused Goldman Sachs’ records to be inaccurate. Goldman Sachs failed to report to TRACE within the fifteen minute time period allotted. The firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with respect to the applicable securities laws and regulations and the rules of FINRA. Furthermore, the firm’s written supervision materials were not up to industry standards. If you would like to sue Goldman Sachs for investment losses, you may do so in the FINRA arbitration process for their failure to adhere to FINRA rules. Please call us at 312-332-4200 to speak to an attorney about your options.
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