Goldman Sachs Group Inc. agreed to pay a $6 million fine on Friday for sending inaccurate or incomplete trading data to the Securities and Exchange Commission covering at least 163 million transactions over a decade.
The flaws were found in 22,000 data files known as blue sheets, which firms routinely send to regulators, according to the SEC. The regulator said that Goldman's submissions had 43 different types of errors, including misreporting trades in US Central Time, instead of the required Eastern Time. Regulators ask for blue sheets from brokers to probe suspect trading.
Goldman admitted to the findings in the regulator's settlement order. The Wall Street bank also reached a related settlement with the Financial Industry Regulatory Authority, the SEC said.
"We are pleased to have resolved this matter," Goldman said in a statement. The bank, which self-reported many of the errors, is in the process of submitting corrected blue sheets to the SEC.
