Defendant Name: Goldman, Sachs & Co.

Defendant Type: Subsidiary of Public Company

Document Reference: 2012-61

Document Details

Legal Case Name In the Matter of Goldman, Sachs & Co.
Document Name SEC Charges Goldman, Sachs & Co. Lacked Adequate Policies and Procedures for Research "Huddles"
Document Date 12-Apr-2012
Document Format Administrative Proceeding
File Number 3-14845
Allegation Type Broker Dealer
Document Summary On April 12, 2012, the SEC announced charges that, "Goldman, Sachs & Co. lacked adequate policies and procedures to address the risk that during weekly 'huddles,' the firm's analysts could share material, nonpublic information about upcoming research changes. Huddles were a practice where Goldman's stock research analysts met to provide their best trading ideas to firm traders and later passed them on to a select group of top clients."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Censured
Other Compliance Related Undertaking
Goldman agreed to review and revise its written policies and procedures to correct deficiencies identified by the SEC

Related Documents:

34-66791 12-Apr-2012 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On April 12, 2012, the SEC instituted a settled administrative proceeding against Goldman, Sachs & Co. According to the SEC: "This matter concerns Goldman's failure to establish, maintain, and enforce adequate policies and procedures concerning its trading 'huddle' program -- a practice where Goldman's equity research analysts provided their best trading ideas to firm traders and a select group of Goldman's top clients."