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Brits Set To Levy Fine Against Goldman Sachs For CDO Biz

The UK’s financial regulator is set to levy a near-record fine on Goldman Sachs , the Financial Times is reporting.

The Goldman Sachs booth on the floor of the New York Stock Exchange
Getty Images
The Goldman Sachs booth on the floor of the New York Stock Exchange


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)

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