According to the Wall Street Journal, which cited unnamed sources, the Securities and Exchange Commission (SEC) has referred the case it filed against the investment bank to the US Department of Justice.
The people close to the matter told the news provider that it was unclear at this stage whether a prosecution would be launched by the government department.
Representatives from Goldman Sachs have recently been quizzed by a senate committee in light of the allegations made by the SEC during which vice-president Fabrice Tourre âcategoricallyâ denied any wrongdoing.
Lloyd Blankfein, chief executive officer at the investment bank, said: âWhile we strongly disagree with the SEC's complaint, I also recognize how such a complicated transaction may look to many people.â
The investment bank faces accusations of fraud in relation to the structuring of investment products surrounding subprime mortgages.
Mr Tourre is alleged to have omitted to include details regarding the securities.
By Jim Ottewill