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Goldman Sachs fined for marking 60m short sales as “long”

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Goldman Sachs fined for marking 60m short sales as “long”

Goldman Sachs Group Inc. was fined $3 million by the Financial Industry Regulatory Authority, or Finra, for mistakenly marking tens of millions of stock orders as long instead of short, according to the industry-backed regulator.

The New York-based investment bank mismarked 60 million short-sale orders as “long” from 2015 to 2018, Finra said in an order Tuesday. This led to inaccurate records and reports at the bank, and to 12,335 short orders being executed while a short-sale circuit-breaker was in effect, according to the regulator.

Goldman didn’t admit to or deny Finra’s findings. The $3 million will be be split between Finra and a number of stock exchanges. A spokeswoman for Goldman declined to comment Wednesday.

Finra said the bank had failed to set up systems to comply with trade-reporting rules that it allegedly broke. Goldman later improved its order tracking to prevent orders from being improperly marked, according to the self-regulator.

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