Thursday, September 09, 2010
Steve Eder and Sudip Kar-Gupta, Reuters
Steve Eder and Sudip Kar-Gupta, Reuters
Goldman Sachs fined $27 million by Britain’s financial watchdog
NEW YORK/LONDON (Reuters) – Britain's financial watchdog fined Goldman Sachs Group Inc 17.5 million pounds ($27 million) for failing to tell the regulator that it was the subject of a U.S. probe, reviving disclosure headaches for the Wall Street powerhouse.
The fine -- one of the biggest ever imposed in Britain -- stemmed from Goldman's troubled Abacus mortgage-security product, which was the focus of an investigation by the U.S. Securities and ExchangeCommission.
In July, Goldman agreed to pay $550 million to settle civil fraud charges over how it marketed the Abacus subprime mortgage product, ending months of negotiations with the SEC that rattled the bank's clients and investors.
Goldman had known for several months that charges from the SEC were possible, but it did not report it to shareholders, regulators or clients.
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Posted by Editor on 09/09/10 at 02:20 PM •
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