Goldman to Pay SEC $6 Million in Penalties for Providing Deficient Blue Sheet Data
summary
Goldman Sachs & Co. LLC paid a $6 million penalty for failing to provide accurate securities trading data to the SEC over 10 years.
paragraph
Goldman Sachs & Co. LLC made over 22,000 deficient blue sheet submissions to the SEC, containing missing or inaccurate trade data for at least 163 million transactions due to 43 types of errors. The firm agreed to pay a $6 million penalty and be censured, admitting to willfully violating broker-dealer recordkeeping and reporting provisions. Goldman implemented remedial efforts, including self-reporting 29 of the 43 error types and enhancing its controls.
narrative
The SEC charged Goldman Sachs & Co. LLC with failing to provide complete and accurate securities trading information, known as blue sheet data, over a period of approximately ten years. The firm made over 22,000 deficient submissions, containing missing or inaccurate trade data for at least 163 million transactions due to 43 types of errors. Goldman agreed to pay a $6 million penalty and be censured, admitting to willfully violating broker-dealer recordkeeping and reporting provisions. The SEC noted that Goldman lacked adequate processes to verify the accuracy of its electronic blue sheet submissions. However, Goldman implemented remedial efforts, including a full-scale review of its reporting program, self-reporting 29 of the 43 error types, and significant supervisory control enhancements. FINRA also reached a separate settlement with Goldman for related conduct. The SEC credited Goldman’s cooperation and acknowledged FINRA’s assistance in the investigation.
Classified broker-dealer-fraud(confidence 97%). EDGAR detection: forms Form D· recall 29% / precision 9%. detection rule →
Parties
Financial Industry Regulatory AuthorityGoldman Sachs & Co. LLCremedial efforts to correct and improve its blue sheet reporting systemsSecurities and Exchange Commissionsettled charges against goldman sachs & co. llcthe findings in the sec's order
Keywords
blue sheetgoldmansheet databluesheetsec's orderorderdatasec'sdeficient blueorder findsfinds goldmansecmillionpay
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 1
- $6.00M $6 million $1M–$10M
Entities 6
- agency Financial Industry Regulatory Authority
- company Goldman Sachs & Co. LLC
- company remedial efforts to correct and improve its blue sheet reporting systems
- agency Securities and Exchange Commission
- company settled charges against goldman sachs & co. llc
- agency the findings in the sec's order
Triples 14
- Securities And Exchange Commission announced settled charges against Goldman Sachs & Co. LLC
- Goldman Sachs & Co. LLC failed to provide complete and accurate securities trading information
- Goldman Sachs & Co. LLC agreed to pay $6 million penalty
- Goldman Sachs & Co. LLC made more than 22,000 deficient blue sheet submissions
- submissions contained missing or inaccurate trade data for
- submissions contained missing or inaccurate trade data for at least 163 million transactions
- Goldman Sachs & Co. LLC lacked adequate processes to verify the accuracy of its electronic blue sheet submissions
- Thomas P. Smith Jr. said Firms must provide complete and accurate blue sheet data
- Goldman Sachs & Co. LLC willfully violated the broker-dealer recordkeeping and reporting provisions
- Goldman Sachs & Co. LLC admitted the findings in the SEC's order
- Goldman Sachs & Co. LLC agreed to be censured
- Goldman Sachs & Co. . engaged in remedial efforts to correct and improve its blue sheet reporting systems
- Financial Industry Regulatory Authority reached a settlement with Goldman Sachs & Co. LLC
- Securities And Exchange Commission conducted investigation by Zheng (Jane) He and Lindsay S. Moilanen
PDF (from attached: pdf)
Text layers
Extracted body text (1,978c)
The Securities and Exchange Commission today announced settled charges against Goldman Sachs & Co. LLC for failing to provide complete and accurate securities trading information, known as blue sheet data, to the SEC. Goldman agreed to pay a $6 million penalty to resolve the SEC's charges. According to the SEC's order, over a period of approximately ten years, Goldman made more than 22,000 deficient blue sheet submissions to the SEC. The order finds that, as a result of 43 different types of errors, these submissions contained missing or inaccurate trade data for at least 163 million transactions. The order further finds that Goldman lacked adequate processes to verify the accuracy of its electronic blue sheet submissions. "Firms must provide complete and accurate blue sheet data in response to our requests,” said Thomas P. Smith Jr., Associate Regional Director in the New York Regional Office. “Blue sheet data is vital to the Commission’s ability to carry out its enforcement and regulatory functions and to protect investors and maintain market integrity.” The SEC's order finds that Goldman willfully violated the broker-dealer recordkeeping and reporting provisions of the federal securities laws. Goldman admitted the findings in the SEC's order and agreed to be censured and to pay the $6 million penalty. The SEC's order also finds that Goldman engaged in remedial efforts to correct and improve its blue sheet reporting systems and controls, including conducting a full-scale review of its reporting program that resulted in the self-reporting of 29 of the 43 types of errors underlying the order and significant supervisory control enhancements. Separately, the Financial Industry Regulatory Authority (FINRA) reached a settlement with Goldman for related conduct. The SEC's investigation was conducted by Zheng (Jane) He and Lindsay S. Moilanen of the New York Regional Office and was supervised by Mr. Smith. The SEC appreciates the assistance of FINRA.
OCR text (1,978c · html-text · 99% conf)
The Securities and Exchange Commission today announced settled charges against Goldman Sachs & Co. LLC for failing to provide complete and accurate securities trading information, known as blue sheet data, to the SEC. Goldman agreed to pay a $6 million penalty to resolve the SEC's charges. According to the SEC's order, over a period of approximately ten years, Goldman made more than 22,000 deficient blue sheet submissions to the SEC. The order finds that, as a result of 43 different types of errors, these submissions contained missing or inaccurate trade data for at least 163 million transactions. The order further finds that Goldman lacked adequate processes to verify the accuracy of its electronic blue sheet submissions. "Firms must provide complete and accurate blue sheet data in response to our requests,” said Thomas P. Smith Jr., Associate Regional Director in the New York Regional Office. “Blue sheet data is vital to the Commission’s ability to carry out its enforcement and regulatory functions and to protect investors and maintain market integrity.” The SEC's order finds that Goldman willfully violated the broker-dealer recordkeeping and reporting provisions of the federal securities laws. Goldman admitted the findings in the SEC's order and agreed to be censured and to pay the $6 million penalty. The SEC's order also finds that Goldman engaged in remedial efforts to correct and improve its blue sheet reporting systems and controls, including conducting a full-scale review of its reporting program that resulted in the self-reporting of 29 of the 43 types of errors underlying the order and significant supervisory control enhancements. Separately, the Financial Industry Regulatory Authority (FINRA) reached a settlement with Goldman for related conduct. The SEC's investigation was conducted by Zheng (Jane) He and Lindsay S. Moilanen of the New York Regional Office and was supervised by Mr. Smith. The SEC appreciates the assistance of FINRA.