Goldman Sachs Fined for Marking 60 Million Short Sales as Long
- Bank will pay $3 million fine to Finra, stock exchanges
- Finra says that 12,000 orders had price affected due to lapse
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Goldman Sachs Group Inc. was fined $3 million by the Financial Industry Regulatory Authority, or Finra, for mistakenly marking tens of millions of stock orders as long instead of short, according to the industry-backed regulator.
The New York-based investment bank mismarked 60 million short-sale orders as “long” from 2015 to 2018, Finra said in an order Tuesday. This led to inaccurate records and reports at the bank, and to 12,335 short orders being executed while a short-sale circuit-breaker was in effect, according to the regulator.