Another day, another fine…
Enforcement action targets bank and former employee Jiampietro
Fed also forces Goldman to beef up policies to prevent lapses
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.
Starting in 2012, Jiampietro — an investment banker who formerly worked at the Federal Deposit Insurance Corp. — received bank regulators’ unauthorized supervisory information and used it for his work at Goldman Sachs, according to the Fed.