By Robert Barr
Britain’s financial regulator hit Goldman Sachs International with a 17.5 million pounds ($27 million) fine on Thursday for failing to notify U.K. authorities about an investigation in the United States.
It was the second-largest fine ever imposed by the Financial Services Authority, eclipsed only by the 33.32 million pounds fine announced in June against J.P. Morgan Securities Ltd. for mishandling clients’ funds.
The British agency’s investigation began in April after the U.S. Securities and Exchange Commission filed civil fraud charges against Goldman Sachs for allegedly misleading buyers of complex mortgage-related investments in 2007. Goldman settled the charges in mid-July by agreeing to pay $550 million — the largest penalty against a Wall Street firm in the SEC’s history.
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