Goldman Sachs Fined $1.8 Million for Reporting Violations

Goldman Sachs Group Inc.'s execution and clearing unit has been fined $1.8 million for reporting violations that spanned more than eight years, the Financial Industry Regulatory Authority said Monday.

According to Finra, Goldman Sachs Execution & Clearing LP failed to transmit a "substantial number" of order-related events to Order Audit Trail System for about seven years. The events were for its alternative trading system, Finra said.

Finra said Goldman Sachs Execution & Clearing also sent inaccurate data for a large number of order-related events for more than eight years.

The firm also submitted reports that didn't report execution timestamps in milliseconds for a three-month period, according to Finra.

Finra said Goldman Sachs didn't have adequate controls in place to prevent the violations.

Goldman Sachs neither admitted nor denied the charges.

"We're pleased to have concluded this matter. We self-reported many of the issues to Finra, voluntarily took steps to fix those issues, and provided substantial assistance to the Finra staff conducting the investigation," a Goldman spokeswoman said.

Write to Chelsey Dulaney at [e-mail]

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