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.
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