NEW YORK (BNO NEWS) — Goldman Sachs has agreed to pay $550 million to the Securities Exchange Commission (S.E.C.) to settle security fraud charges, the New York Times reported Thursday.

Goldman will be paying $300 million in fines to the S.E.C., and the resting $250 million will be paid as restitution, but Goldman will not admit wrongdoing, according to a source who spoke on condition of anonymity. The settlement was expected to be announced later on Thursday.

Goldman Sachs has been one of the most successful Wall Street firms, but since April of last year, it has been facing security fraud charges linked to mortgage investments sold to investors, which were secretly devised to fail.

In addition, after the S.E.C. said Goldman’s director of enforcement, Robert Khuzami, would hold a news conference late Thursday, its stock price increased more than $5 in the last half-hour of trading.

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