Britain's financial regulator has fined Goldman Sachs a whopping $31 million for neglecting to tell it that the employee at the center of a fraud investigation in the US had been transferred to the UK. The fine is one of the largest that the Financial Services Authority has ever levied, and Goldman has agreed to cough it up, insiders tell the Wall Street Journal.
The employee in question is trader Fabrice Tourre, who called himself "Fabulous Fab" and boasted of ripping off "widows and orphans" in emails released during an SEC fraud action against Goldman. The investment bank—without admitting or denying wrongdoing—paid $550 million to settle the SEC charges. Tourre is still on paid leave from Goldman.
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