The Most News, Traffic and Weather 24/7Mobile AppTraffic AlertsFacebookTwitterAudingoConnect with KXL
FM News 101 KXL
FM NEWS 101 KXL

CFTC fines Goldman $1.5M in case of ex-trader


WASHINGTON (AP) — Goldman Sachs & Co. is paying $1.5 million to settle civil charges that it failed to properly supervise a former trader who cost the firm more than $118 million.

The Commodity Futures Trading Commission announced the action Friday. The CFTC says Goldman also agreed to make changes in its supervision procedures for futures trading.

The CFTC last month filed civil fraud charges against the former trader, Matthew Marshall Taylor. Regulators said he failed to disclose an $8.3 billion position on a futures contract that came back to hurt Goldman in December 2007. The agency is seeking unspecified penalties against Taylor.

Taylor admitted misconduct and was terminated, Goldman has said.