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UK Watchdog fines Goldman Sachs £20m

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by Kay Mitchell
UK Watchdog fines Goldman Sachs £20m

Investment banking giant Goldman Sachs has been fined £20 million ($31 million) by the UK’s Financial Services Authority (FSA).

The fine comes after Goldman failed to inform the FSA it was under investigation for fraud by its US counterpart.

The FSA and Goldman Sachs have declined to comment but according to the BBC, the multi-million pound fine is one of the heaviest ever imposed by the FSA.

In July, the Securities and Exchange Commission (SEC) fined Goldman Sachs $550 million (£356 million).

The fine represented the largest against a financial company in the SEC’s history and came after Goldman agreed to settle civil fraud charges over how it marketed a sub-prime mortgage product.

Goldman made a profit of $3.5 billion in the first three months of the year but profits dived to $613 million between April and June.

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News posted: September 9, 2010

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