On August 31, the Commodity Futures Trading Commission (CFTC) Whistleblower Office posted a Notice of Covered Action (NCA) for a recent enforcement action taken against Goldman Sachs over allegations that the company committed recordkeeping violations.
A NCA signals that the CFTC is now accepting whistleblower award claims for the case. Through the CFTC Whistleblower Program, qualified whistleblowers are entitled to monetary awards of 10-30% of the funds collected in the enforcement action connected to their whistleblowing.
The NCA covers an enforcement action announced on August 29, in which the CFTC charged Goldman Sachs with violating the terms of a previous cease-and-desist provision and with violating CFTC recordkeeping provisions. Goldman Sachs agreed to pay $5.5 million to settle the charges.
“As this case demonstrates, the CFTC will continuously pursue swap dealers that fail to meet their recording obligations and there will be consequences for violating CFTC orders, including increased penalties,” said Director of Enforcement Ian McGinley. “We are committed to holding swap dealers accountable when they fail to comply with their regulatory obligations and fail to abide by obligations imposed by prior CFTC orders.”
In 2019, Goldman Sachs settled CFTC charges that it had failed to record the phone lines of a trading and sales desk for 20 days. Goldman Sachs agreed to pay $1 million and to cease and desist from further violations of CFTC recordkeeping provisions.
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