Goldman Sachs Slapped With Hefty Fine in U.K.
Posted on Sep 8, 2010
Goldman Sachs hasn’t been the most popular name in finance lately on this side of the Atlantic, and now the Brits have jumped into the fray, hitting the banking behemoth with a $31 million fine for keeping its stateside troubles secret from U.K. authorities. —KA
Wall Street giant Goldman Sachs has been fined £20m ($31m) by the UK City regulator, the Financial Services Authority, the BBC has learned.
The fine is for failing to tell the FSA it was under investigation for fraud by the US financial watchdog this summer.
In July, Goldman settled the fraud charge with the Securities and Exchange Commission by paying $550m (£356m).
The £20m is one of the heaviest fines ever imposed by the FSA, said the BBC’s business editor Robert Peston.