Goldman Sachs to pay $50M in NY enforcement case

Goldman Sachs
FILE - In this Aug. 15, 2014, file photo, a lighted sign marks the Goldman Sachs trading post on the floor of the New York Stock Exchange. Goldman Sachs reports quarterly financial results on Thursday, July 16, 2015. (AP Photo/Richard Drew, File)

ALBANY, N.Y. (AP) – New York regulators have resolved an enforcement case against Goldman Sachs for $50 million.

The Department of Financial Services says a bank employee schemed to steal confidential government information for use in advising a Goldman Sachs client and improperly shared it with other employees in violation of New York’s banking law.

The employee was a former bank examiner at the U.S. Federal Reserve Bank of New York.

Under the consent order signed Wednesday, Goldman Sachs will pay $50 million to the department and abstain for three years from accepting new consulting work that requires department disclosures of confidential information.

The bank has also agreed not to re-hire the employee or a managing director who have been terminated.

A call to Goldman Sachs was not immediately returned.

(Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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