Goldman Sachs Fined $36 Million by Fed Over Leaked Documents
- Enforcement action targets bank and former employee Jiampietro
- Fed also forces Goldman to beef up policies to prevent lapses
Goldman Sachs headquarters in New York.
Photographer: Ron Antonelli/BloombergThis article is for subscribers only.
Goldman Sachs Group Inc. agreed to pay $36.3 million over allegations that former employees obtained confidential documents from the Federal Reserve in a settlement that requires the bank to beef up its policies to prevent another lapse.
The Fed is also pursuing a $337,500 fine and a permanent banking ban against a former Goldman Sachs managing director, Joseph Jiampietro, over his unauthorized use and disclosure of Fed secrets, according to a statement Wednesday from the agency. The Fed said Goldman Sachs’ employees used confidential supervisory information in presentations to clients to try to solicit business.