Goldman Sachs to pay $450,000 fine for illegal short-selling
Bank's systems fail to comply with US regulations to control naked shorting
NEW YORK – Goldman Sachs has been condemned by the Securities and Exchange Commission (SEC) and NYSE Regulation for failing to implement controls to comply with regulations against ‘naked’ short-selling between September 2008 and January 2009. Goldman was also fined over allegations that it took part in illegal naked shorting.
The bank agreed, without admitting or denying wrongdoing, to pay fines
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