Page "2003 mutual fund scandal" Paragraph 21

* On September 4, 2003, a major investment bank, Goldman Sachs, admitted that it had violated anti-fraud laws.

Specifically, the firm misused material, nonpublic information that the US Treasury would suspend issuance of the 30-year bond.

The firm agreed to “ pay over $ 9. 3 million in penalties .” On April 28, 2003, the same firm was found to have “ issued research reports that were not based on principles of fair dealing and good faith .. contained exaggerated or unwarranted claims .. and / or contained opinions for which there were no reasonable bases .” The firm was fined $ 110 million dollars, for a total of $ 119. 3 million dollars in fines in six months.