Brits Set To Levy Fine Against Goldman Sachs For CDO Biz
Senior Editor, CNBC.com
The UK’s financial regulator is set to levy a near-record fine on Goldman Sachs , the Financial Times is reporting.
The FT reports:
The FSA opened its investigation into the bank in April after the SEC charged Goldman with misleading investors in a complex mortgage-backed security known as Abacus. The SEC claimed that Goldman had failed to disclose that a hedge fund that was betting against the security had selected some of the mortgage loans included in the portfolio, costing investors as much as $1bn.
The largest fine handed down by the UK regulator came three months ago, when JPMorgan paid a £33.3m for failing to keep client money in separate accounts.
Goldman Now Faces Large Fine In UK(Financial Times)