Goldman Trying To Get SEC Charge Knocked Down To “Material Omission” Instead Of Fraud
Goldman’s trying to settle with the SEC on a lesser charge than fraud, say John Gapper and Francesco Guerrera of the FT. The firm is also seeking to pay hundreds of millions of dollars in fines and damages instead of billions.
The lesser charge is omitting or misstating disclosures to investors. It would also reduce the threat of lawsuits and avoid the firm’s have to settle a fraud charge.