Goldman Sachs, Bank of America, Citi and Other 8 Financial Institutions Fined over $710M for Recordkeeping and Supervision Failures

The Commodity Futures Trading Commission (CFTC) yesterday issued orders simultaneously filing and settling charges against swap dealer and futures commission merchant (FCM) affiliates of 11 financial institutions for failing to maintain, preserve, or produce records that were required to be kept under CFTC recordkeeping requirements, and failing to diligently supervise matters related to their businesses as CFTC registrants.

The settling registrants admit the facts detailed in the orders (with Bank of America and Nomura neither admitting nor denying certain specific findings of the Division of the Enforcement's (DOE) investigation), are ordered to cease and desist from further violations of recordkeeping and supervision requirements, and are ordered to engage in specified remedial undertakings.

Below are the 11 financial institutions and their civil monetary penalties:

• Bank of America, $100 million

• Barclays, $75 million

• Cantor Fitzgerald, $6 million

• Citi, $75 million

• Credit Suisse, $75 million

• Deutsche Bank, $75 million

• Goldman Sachs, $75 million

• Jefferies, $30 million

• Morgan Stanley, $75 million

• Nomura, $50 million

• ​UBS, $75 million