Newspaper article THE JOURNAL RECORD

NYSE Fines Goldman Sachs for Alleged Improper Trades

Newspaper article THE JOURNAL RECORD

NYSE Fines Goldman Sachs for Alleged Improper Trades

Article excerpt

NEW YORK _ Goldman Sachs Co. has agreed to pay $250,000 to settle New York Stock Exchange allegations it benefited from improperly handling big stock orders for institutional clients.

While most of the alleged infractions cited by the NYSE involved how Goldman allocated stock purchased for customers and itself, some cases involved front running, people familiar with the matter said.

Front running is when a firm trades for its own account before it executes a similar trade for a customer.

The sanctions against Goldman were said to be approved by a Big Board hearing panel last month.

A spokesman for the NYSE declined to comment Friday. A Goldman Sachs spokesman also declined to comment.

The alleged Goldman infractions, which were said to occur between 1990 and 1992, mostly involved the improper allocation of trades, people close to the matter said. The exchange's complaint centered around the firm's failure to prevent these improprieties. …

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