Goldman Sachs to pay $550 million to settle SEC lawsuit
NEW YORK – Goldman Sachs has agreed to pay $550 million to settle a lawsuit brought by the US Security and Exchange Commission (SEC).
The $550 million represents the largest fine the SEC has ever bestowed on a financial entity. Speaking to Operational Risk & Regulation, Scott Friestad, deputy director of the SEC’s enforcement division, describes the penalty as “a deterrent”, and says, “We think the size of the penalty was necessary to address the seriousness of the misconduct.”
The SEC accused
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