Wall Street investment bank Goldman Sachs finds itself under scrutiny as Bloomberg News reported on Thursday, citing individuals familiar with the situation, that the institution is facing an investigation regarding the fees it imposes for futures trading.
According to the report, the top US financial regulator, the Commodity Futures Trading Commission (CFTC), has privately greenlit the issuance of subpoenas to Goldman Sachs, seeking information pertaining to the fees associated with certain futures block trades. The genesis of this investigation is purportedly tied to a whistle-blower tip.
Goldman Sachs opted not to offer commentary on the report, maintaining a stance of silence, while the CFTC refrained from an immediate response to a request for comment from Reuters.
This development unfolds against the backdrop of a series of penalties Goldman Sachs has incurred over the past year. Notably, in April, the institution settled with the CFTC for a sum exceeding $50 million across at least three separate cases.
In one instance, Goldman agreed to a $15 million settlement, resolving allegations of inadequate disclosures and fair communication with swap customers.
Following this, a $5.5 million in civil penalty was paid to address claims of insufficient record-keeping of staff cell phone calls and violations of a previous order from August.
Additionally, Goldman Sachs paid a $30 million penalty for its purported failure to diligently oversee a broad spectrum of its swap dealer activities, coupled with what was characterized as "unprecedented failures" in swap data reporting.
08.02.2024
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