Washington, Dec 8 (IANS): Goldman Sachs was ordered Friday to pay $1.5 million to settle charges by the US Commodity Futures Trading Commission (CFTC) for its internal control failures.

According to the CFTC's order, Goldman Sachs failed to supervise a trader who hid an $8.3 billion position and at last suffered more than $118 million in losses when unwinding the position, reported Xinhua.

"Given the egregious nature of the failure to supervise adequately, combined with the high number of violative transactions, I believe that the monetary penalty should be significantly higher in order to represent a sufficient punishment," said CFTC commissioner Bart Chilton in a statement.

He recommended increasing maximum penalty levels to $250,000 per violation as to individuals and $1 million as to entities.

As part of the settlement, Goldman Sachs said it will bolster internal risk management control and provide related information to the Commission about the case.