Holy Toledo! Reuters reports that U.S. securities regulators are preparing to announce that Goldman Sachs will pay $22 million to settle allegations the bank did not have adequate policies to prevent research from being passed inappropriately to preferred clients, people familiar with the matter said on Wednesday.
The Securities and Exchange Commission's case against Goldman is expected to be similar to one that the bank settled last year with Massachusetts securities regulators, several sources told Reuters.
The $22 million penalty will resolve charges by both the SEC and the Financial Industry Regulatory Authority, which self-polices the brokerage industry..
Read all about it at http://www.reuters.com/article/2012/04/12/us-sec-goldman-sachs-idUSBRE83B05020120412
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