Defendant Name:
Goldman Sachs Execution & Clearing, L.P.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
The Goldman Sachs Group, Inc
SIC Code:
6712
CUSIP:
38141G10
Document Reference:
34-59505
Document Details
Legal Case Name
In the Matter of Goldman Sachs Execution & Clearing, L.P. and SLK-Hull Derivatives LLC
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Sections 15(b)(4) and 21C of the Securities Exchange Act of 1934
Document Date
04-Mar-2009
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On March 4, 2009, the SEC instituted settled administrative and cease-and-desist proceedings against Goldman Sachs Execution & Clearing, L.P. and SLK-Hull Derivatives LLC, stating: "This matter involves violations by GSEC and SHD of their basic obligation as specialists to
serve public customer orders over their own proprietary interests. As specialist firms on each of
the Exchanges,
GSEC and SHD had a general duty to match executable public customer or
“agency” buy and sell orders and not to fill customer orders through trades from the firms’ own
accounts when those customer orders could be matched with other customer orders. From 1999
through 2005 (the “Relevant Period”), GSEC and SHD violated this obligation by filling orders
through proprietary trades rather than through other customer orders, thereby causing customer
orders to be disadvantaged by approximately $6 million."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Disgorgement
Individual:
Shared:
$6,000,000.00
Shared with: SLK-Hull Derivatives LLC
Civil Penalty
Individual:
Shared:
$1,200,000.00
Shared with: SLK-Hull Derivatives LLC
Other Defendants in Action:
