Securities Lawyers Blog
The investment lawyers at Gana Weinstein LLP have experience helping investors determine whether their portfolio losses at investment firms, such as Goldman Sachs & Co. LLC, were caused by broker misconduct. There are many different ways that your broker can impermissibly drain your accounts. Our attorneys can help you understand the cause of your investment losses, uncover misconduct, and apply the law to hold accountable those responsible.
Goldman Sachs & Co. LLC is the main U.S. broker-dealer of Goldman Sachs, providing advice on mergers, acquisitions, and restructurings, underwriting of debt and equity offerings, and trading and market making across equities, fixed income, currencies, and commodities. Founded in 1869 and headquartered in New York City, Goldman Sachs serves corporations, financial institutions, governments, and individuals from offices in major financial centers around the world.
Goldman Sachs & Co. LLC – By the Numbers:
- CRD #: 361
- Regulatory Events: 409
- Arbitration Events: 20
- Broker Employees: 7,451
Goldman Sachs & Co. LLC – Investment Advisors:
- SEC #: 16048
- Assets Under Management: $133,644,228,926
- ADV Form Employee: 2,268
Goldman Sachs & Co. LLC – In the News:
FINRA v. Goldman Sachs & Co. LLC (Case #2022073415001) – In July 2021, Goldman was a lead underwriter for an initial public offering in which it had a conflict of interest, but a qualified independent underwriter (QIU) did not participate in the preparation of the registration statement and prospectus and exercise the usual standards of due diligence. As a result, the firm violated FINRA Rules 5121 and 2010. From May 2021 through March 2022, Goldman permitted four individuals to perform investment banking activities requiring registration during periods when they were not registered with FINRA in any capacity. During the same period, Goldman’s supervisory system, including its written procedures, was not reasonably designed to achieve compliance with FINRA registration requirements. As a result, the firm violated FINRA Rules 1210, 3110, and 2010. For these violations, Goldman is censured and fined $250,000.
FINRA v. Goldman Sachs & Co. LLC (Case #2022074103601) – Between June 2020 and June 2023, Goldman failed to accurately report data for 36.6 billion equity order events to the CAT Central Repository in violation of FINRA Rules 6830, 6893, and 2010, and had related supervisory failures in violation of FINRA Rules 3110 and 2010… Between October and November 2021, Goldman made over 90 million inaccurate order memoranda, inaccurately reported over 6.8 million trades and overreported over 98,000 trades to a trade reporting facility, and issued over 372,000 inaccurate trade confirmations, in violation of Exchange Act § 17(a), Exchange Act Rule 17a-3, and FINRA Rules 4511, 6380A, 6380B, 6622, 7230A, 7230B, 7330 and 2010, and had related supervisory failures in violation of FINRA Rules 3110 and 2010. For these violations, Goldman is censured and fined $1,450,000, of which $1,355,000 shall be paid to FINRA.
FINRA v. Goldman Sachs & Co. LLC (Case #2019063499505) – From February 2009 until mid-April 2023, Goldman failed to include warrants, rights, units, and certain over the counter (OTC) equity securities in nine of its automated surveillance reports designed to identify potentially manipulative proprietary and customer trading activity. As a result, Goldman’s supervisory system was not reasonably designed to identify potentially manipulative trading activity. Therefore, the firm violated NASD Rule 3010 and FINRA Rules 3110 and 2010.
FINRA v. Goldman Sachs & Co. LLC (Case #2019061945001) – From at least November 2012 through March 2022, Goldman submitted almost 25,000 blue sheets to FINRA that inaccurately reported one or more of 39 separate types of transaction information. In those FINRA blue sheets, Goldman failed to include required transactions or transaction information, or included incorrect information for at least 97 million transactions. Therefore, Goldman violated FINRA Rules 8211, 8213, and 2010. Goldman also failed to establish and maintain a supervisory system reasonably designed to achieve compliance with FINRA and SEC blue sheet requirements in violation of FINRA Rule 3110, NASD Rule 3010, and FINRA Rule 2010.
FINRA v. Goldman Sachs & Co. LLC (Case #2020068197401) – Between July 2018 and September 2021, Goldman failed to report, or inaccurately reported, OTC options positions to the LOPR in approximately 1,035,000 instances, in violation of FINRA Rule 2360(b)(5). During the same period, the firm also failed to maintain and enforce a supervisory system reasonably designed to achieve compliance with FINRA Rule 2360(b)(5), in violation of FINRA Rules 3110 and 2010.
Gana Weinstein LLP has successfully litigated broker disputes through verdict or settlement. We represent both individuals and institutions throughout the country in FINRA arbitration, as well as commercial litigation in state and federal courts. Our consultations are both free and thorough and our securities litigation attorneys can help you uncover wrongful activity in your account.