Goldman Fined $27M by U.K. Regulator
Updated from 4:14 a.m. EDT
NEW YORK (
) --
Goldman Sachs
(GS) - Get Goldman Sachs Group, Inc. Report
was fined 17.5 million pounds ($26.92 million) by the U.K.'s financial regulator for failing to disclose to U.K. authorities it was being investigated for fraud in the United States.
The announcement from the U.K. Financial Services Authority confirms earlier reports that Goldman was facing a "near-record" fine.
The
Financial Times
, citing unidentified sources, reported Wednesday that the fine from the FSA would be "near-record." The FSA's largest-ever fine came three months ago, when
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JPMorgan Chase
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paid 33.3 million pounds for failing to hold its clients' money in separate accounts.
The fine from the FSA is the result of a five-month investigation announced four days after the
Securities and Exchange Commission
charged Goldman with civil fraud related to Abacus, a complex debt instrument it sold. Goldman settled that case for $550 million.
Goldman shares finished 1.6% higher Wednesday at $147.54.
--
Written by Dan Freed in New York
.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
