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Goldman unit to pay $7 million for supervision failures: CFTC

WASHINGTON (Reuters) - Goldman Sachs Execution & Clearing will pay $7 million to settle allegations it failed to diligently supervise accounts that it carried from about May 2007 to December 2009, the Commodity Futures Trading Commission said on Tuesday.

The CFTC said the Goldman unit, which provided back-office and other services to some clients who themselves are broker-dealers, did not properly supervise the handling of subaccounts.

(Reporting By Karey Wutkowski; Editing by Bob Burgdorfer)