- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-04-05T17:36:00
Goldman Sachs was fined $3 million by the Financial Industry Regulatory Authority (FINRA) for mismarking nearly 60 million short sell orders as long and related supervision failures.
The firm further agreed to be censured as part of FINRA’s disciplinary action published Tuesday. Goldman Sachs neither admitted nor denied the self-regulatory organization’s findings.
From 2015-18, Goldman Sachs’s automated trading software mismarked sell orders following a system upgrade intended to simplify order flow, according to FINRA.
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Miami-based broker-dealer Citadel Securities was fined $7 million as part of a settlement with the Securities and Exchange Commission addressing mismarked short and long sales caused by a coding error in the firm’s automated trading system.
Goldman Sachs agreed to pay $425,000 as part of a settlement with the Financial Industry Regulatory Authority addressing allegations of reporting and supervision violations regarding more than 1 million over-the-counter options positions.
New Jersey-based investment adviser Sabby Management and its managing partner were charged by the Securities and Exchange Commission with engaging in a fraudulent short selling scheme involving the stocks of nearly a dozen public companies.
German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
Kiromic BioPharma will pay no fine to the Securities and Exchange Commission after self-reporting that it failed to disclose material information about two cancer drugs to investors.
The U.K. Financial Conduct Authority fined the London branch of Australian-based Macquarie Bank Limited more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.
