A swap dealer
settled CFTC charges for failing to provide certain audio
recordings during an investigation.
According to the CFTC, Goldman Sachs & Co. LLP was required
as a swap dealer to maintain audio recordings of activity on the
phone lines for trading and sales desks but failed to do so for
twenty calendar days due to a technical malfunction. The CFTC found
that as a result of the reported malfunction, Goldman Sachs was
unable to fulfill the agency's request to provide certain
recordings and, ultimately, "impeded" an ongoing
investigation.
To settle the charges, Goldman Sachs agreed to (i) cease and
desist from further violating CFTC regulations, (ii) pay a
$1,000,000 civil monetary penalty and (iii) comply with the
conditions and undertakings outlined in the Offer.
