Securities regulators fined Goldman Sachs ( GS) $2 million for violating "quiet period" rules ahead of initial public offerings. The violations occurred in 1999 and 2000 and involved sales representatives on the firm's Asian desk in New York. The Goldman Sachs employees allegedly sent lengthy emails to institutional customers about four IPOs, during a time when communications with potential customers about an upcoming offering is prohibited. Federal securities rules prohibit underwriting firms from discussing a stock offering with prospective customers until the Securities and Exchange Commission has declared the offering to be effective. The SEC also charged Goldman with failing to properly supervise its employees. Goldman, in settling with the SEC, neither admitted nor denied the allegations.