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.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
