Goldman Sachs Group Inc. (GS) will pay a $50M fine to the New York Federal Reserve as part of a settlement over document leaks. The firm also consented to be barred from some advisory work in the state for three years. It admits that it did not properly supervise an employee.<\/p>\n
The leak involves former Fed employee Rohit Bansal who worked for Goldman. According to a statement from the New York Department of Financial Services, while there he was assigned to work with a midsized bank as his client. He\u2019d regulated the same bank while at the Fed\u2014this was a bank that the Fed had specifically told him he couldn\u2019t work with until early this year.<\/p>\n
Bansal, however, held about 20 meetings with Jason Gross, a former co-worker at the Fed, who purportedly gave him about 35 documents with confidential regulatory information. Bansal is accused of using those documents to assist the Goldman client. <\/p>\n