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4Th Aug 2016
The US Federal Reserve on Wednesday ordered
Goldman Sachs to pay $36.3 million of civil money penalty for its unauthorised
use and disclosure of confidential supervisory information.The Total Investment & Insurance Solutions
The Fed was also seeking to impose a fine on
a former Managing Director at Goldman Sachs, Joseph Jiampietro, and permanently
bar him from the banking industry for his and his subordinates' unauthorised
use and disclosure of confidential supervisory information, said the Fed in a
statement.
The Fed said that Goldman Sachs used the
central bank's confidential supervisory information in presentations to its
clients in order to solicit business.
The order required Goldman Sachs to implement
an enhanced programme to ensure the proper use of confidential supervisory
information, and prohibited the investment bank from re-employing individuals
involved in the improper disclosure of such information.The Total Investment & Insurance Solutions
In 2015, the Fed permanently barred a former
Goldman Sachs employee from the banking industry following his guilty plea for
the theft of confidential supervisory information.The Total Investment & Insurance Solutions
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