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.
The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.
RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.
UBS has a history of costly litigation stemming from the sale of volatile investment products.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
