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.
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