Goldman Sachs is to pay a fine of USD 10 mln. for huddling its best clients. It was revealed in a report by the SEC Massachussettes branch.
The SEC also prohibited the very meetings with clients at which the investment bank analysts discussed the short-term dealing strategy with traders from other companies. This information was secured and was not release by any agency. Thus, Goldman Sachs acted unethically in relation to other clients, the Commission says.
Last year the SEC already charged USD 500 mln. off the bank for abuse of clients’ confidence. The same blame was the reason of 20 mln. pounds fine imposed on the bank in Great Britain.
Goldman Sachs is one of the largest global investment banks. Its total assets constitute USD 911.3 bln. and the net profit runs USD 39.2 bln.