Goldman Sachs & Co. LLC agreed to pay a fine of $ 250,000 as part of a settlement with the Financial Industry Regulatory Authority (FINRA).
In July 2021, Goldman was headed for an initial public offer (IPO) in which he had a conflict of interest, but a specialized independent insurer (QIU) did not participate in the preparation of the registration statement and the newsletter and the exercise of the usual standards.
As a result, the company violated the FINRA 5121 and 2010 rules.
From May 2021 to March 2022, Goldman allowed four people to perform investment banking activities requiring registration in times when they were not registered with Finra.
During the same period, Goldman’s supervisory system, including its written procedures, was not reasonably designed to achieve compliance with the Finra registration requirements.
As a result, the company violated the FINRA 1210, 3110 and 2010 rules.
For these violations, Goldman Sachs was accused and imposed a fine of $ 250,000.