Goldman Sachs Group Inc. agreed to pay $5.5 million to settle a U.S. regulator’s allegations that it failed to fully record and retain thousands of phone calls.
The Commodity Futures Trading Commission alleged Tuesday that two separate outside systems the Wall Street giant relied on to record some audio conversations, as required by the regulator, sometimes failed during 2020. In 2019, the firm settled CFTC allegations it failed to record the phone lines of a trading and sales desk in 2014.
“We are pleased to have this matter resolved,” Goldman Sachs said in a statement. The bank did not admit to or deny the regulator’s allegations in settling the case.
The CFTC, which regulates swap dealers like Goldman, said that increased use of a service employed to record calls on mobile devices during the pandemic caused a vendor’s system to sometimes not record calls.
A separate service used to replicate a trading turret while working from home also had lapses, the regulator alleged. Both systems have since been fixed, the CFTC said.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
