Violation Tracker Individual Record

Company: 
Goldman Sachs Group
Current Parent Company: 
Goldman Sachs
Penalty: 
$150,000,000
Year: 
2020
Date: 
October 22, 2020
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

Goldman Sachs agreed to pay $150 million in penalties as part of a Consent Order entered into with the New York State Department of Financial Services to resolve an investigation concerning Goldman's failure to detect or adequately address red flags suggesting wrongdoing in connection with bond transactions for 1Malaysia Development Berhad (1MDB), failures that exposed its affiliate, Goldman Sachs Bank USA, to undue financial and reputational risk and caused unsafe and unsound conduct and reporting deficiencies.

Level of Government: 
state
Action Type: 
agency action
Agency: 
New York Department of Financial Services
Civil or Criminal Case: 
civil
Facility State: 
New York
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking & securities
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.