The Securities and Exchange Commission (SEC) and the NYSE Regulation have settled enforcement proceedings against Goldman Sachs Execution and Clearing for allowing an illegal trading scheme to be carried out through its accounts.
Ethan Weitz and Robert Altman of Orinco Partners were fined $1 million in 2003 for unlawfully short selling securities in advance of follow-on and secondary offerings in their prime broker accounts with Goldman by, among other means, falsely marking their orders to sell long.
Goldman has now been charged $2 million in penalties and fines, and censured for violating the regulations requiring brokers to accurately mark sales...
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