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Goldman Faces Fed Enforcement Action in Leak Case, NY Times Says

Image: Goldman Faces Fed Enforcement Action in Leak Case, NY Times Says
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Tuesday, 26 Jul 2016 09:03 AM

Goldman Sachs Group Inc. is facing a Federal Reserve enforcement action over the 2014 leak of confidential documents to the bank by one of the regulator’s employees, according to the New York Times.

Goldman Sachs is expected to pay a fine to settle the case, the Times reported Monday, citing people familiar with the matter that it didn’t identify. The Fed is also considering action against a former Goldman Sachs executive who worked with the banker that received the leaked information, the newspaper said, adding the agreement could be announced in coming weeks.

The penalty is expected to be less than the $50 million Goldman Sachs paid to the New York Department of Financial Services last year in a separate settlement, according to the Times. Jason Gross, a former Fed staff member, admitted in 2015 that he passed documents, including information about a midsize New York bank to Rohit Bansal, a Goldman Sachs banker. Bansal, who previously worked with Gross at the Fed, pleaded guilty last year to a misdemeanor in connection with the leak.

Gross was sentenced to probation, ordered to pay a $2,000 fine and perform 200 hours of community service. Prosecutors had asked for a penalty of six to 12 months in prison for misdemeanor theft of government property.

“We have zero tolerance for improper handling of confidential information,” Leslie Shribman, a Goldman Sachs spokeswoman, said in an e-mailed statement, without elaborating on the Times report. “We have reviewed our policies regarding hiring from governmental institutions and have implemented changes to make them appropriately robust.”

Eric Kollig, a spokesman for the Fed, declined to comment.

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Goldman Sachs Group Inc. is facing a Federal Reserve enforcement action over the 2014 leak of confidential documents to the bank by one of the regulator's employees, according to the New York Times.
ny times, goldman, fed, enforcement
268
2016-03-26
Tuesday, 26 Jul 2016 09:03 AM
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