Goldman Sachs will have to pay $1.8 million in fines to FINRA over various reporting failures and violations. According to FINRA, Goldman Sachs committed various supervisory failures over the course of eight years, including violations relating to its Order Audit Trail System and failure to submit reports to Trade Reporting Facilities. Having accurate OATS data is critical to detecting and preventing fraud and misconduct. Goldman Sachs consented to, without admitting or denying, FINRA’s findings.
Supervisory failures could be cause for potential investor claims. Registered brokerage firms are responsible for supervising their employees. If you trusted your broker with your investments and you lost a substantial amount of money, we invite you to contact Meyer Wilson to tell us what happened to you in a free consultation.
Before you invest, we encourage you to check into the disciplinary history of your financial advisor, broker, or brokerage firm. You can do this by visiting FINRA’s BrokerCheck tool. You can also get more information about supervisory failures on our website:
- What Is Failure to Supervise?
- Inadequate Supervision of Brokers
- Brokerage Firms Have a Duty to Supervise Their Brokers – Video
To get in touch with an investment fraud lawyer at Meyer Wilson, call us today at (800) 738-1960 or fill out a free case review form.