Goldman Sachs fined $1.45 million for misreporting trading data

The Financial Industry Regulatory Authority (FINRA) issued a settlement order on Tuesday, imposing a $1.45 million civil fine on Goldman Sachs Group for failing to accurately report tens of billions of shares of stock trading data. The regulatory agency noted that coding errors by Goldman Sachs resulted in the misreporting of 36.6 billion trade records to the Consolidated Audit Trail, a system that assists in monitoring market activities. FINRA also disclosed that from October to November 2021, Goldman Sachs mishandled 90.8 million order memoranda due to technical glitches, misreported 6.9 million trade records, and erroneously sent out over 372,000 trade confirmation letters. This malfunction also led to the improper reporting of 98,322 trades that should not have been submitted. The settlement also involves allegations of negligence by Goldman Sachs in regulatory matters. Goldman Sachs neither admitted nor denied any wrongdoing in reaching the settlement. The bank did not immediately comment on Wednesday.