Securities Lawyers Blog
We represent clients of financial advisors and brokerage firms in investment disputes against their firms, such as Goldman Sachs Custody Solutions. Our services cover a wide spectrum of broker misconduct, including unsuitable investments, failure to supervise, and losses in various investment products. Our firm can analyze your brokerage accounts, determine the extent of your investment losses, and understand the issues and remedies available.
Goldman Sachs Custody Solutions is the trade name of Folio Investments, Inc., a Goldman Sachs broker-dealer that provides custody and brokerage services. Formed in Virginia in 2000 and based in McLean, the firm is a subsidiary of The Goldman Sachs Group, Inc. and is registered in 53 U.S. states and territories.
Goldman Sachs Custody Solutions – By the Numbers:
- CRD #: 48015
- Regulatory Events: 7
- Arbitration Events: 1
- Broker Employees: 45
Goldman Sachs Custody Solutions – In the News:
FINRA v. Goldman Sachs Custody Solutions (Case #2017056222301) – From at least January 2017 to the present, Folio failed to conduct reasonable regular and rigorous reviews of execution quality. During this period, Folio routed its customer orders to two market centers that paid the firm for that order flow. In 2022, Folio began routing a substantial portion of its orders to another market center, which was a firm affiliate. The firm failed to compare the quality of executions it obtained from its order routing and execution arrangements to the quality of executions it could have obtained from competing markets. Additionally, in reviewing the execution quality provided by its existing routing venues, the firm reviewed price improvement, but did not consider other relevant execution quality factors. The firm’s price improvement review was also unreasonable because it did not reasonably consider differences in order types or sizes. As a result, Folio violated FINRA Rules 5310(a), 5310 Supplementary Material .09 (Rule 5310.09), and 2010. Folio also violated FINRA Rules 3110 and 2010 by failing to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with its best execution obligations. For these violations, Folio is censured, fined $1.3 million, and required to certify that it has implemented a supervisory system reasonably designed to remediate the issues identified in this AWC.
Gana Weinstein LLP has successfully handled hundreds of customer investment disputes with their brokerage firms. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.