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A former Goldman Sachs executive linked to a scandal over leaked Fed documents is barred from banking services.

The Federal Reserve said on Thursday it had banned a former Goldman Sachs executive, Joseph Jiampietro, from working in the banking industry following a scandal involving one of his subordinates obtaining leaked regulatory documents.

Goldman Sachs paid a total of $86.3 million in penalties after the episode, which began in 2014 when Rohit Bansal, a junior employee, received confidential regulatory information from the Federal Reserve Bank of New York, where he had previously worked.

When Goldman’s compliance department investigated the matter, it found private New York Fed documents on Mr Jiampietro’s desk – although he told authorities he had never read them .

Goldman fired Mr. Jiampietro and Mr. Bansal. Mr. Bansal and his source, Jason Gross, both pleaded guilty to stealing government property and were barred from the industry.

Mr Jiampietro, who was chief executive of Goldman at the time of his dismissal, has not worked in banking since, and his lawyer, Adam Ford, said continuing to fight the charges was no longer worth it.

“He fought every day to clear his name, but given the passage of time and his future plans, the endless litigation no longer made sense,” Mr Ford said.

In a statement, the Fed said Mr. Jiampietro had accepted the ban “arising from his unauthorized use and disclosure of confidential surveillance information” such as bank examination reports and other privately prepared documents. by regulators.

The incident was embarrassing for the Fed and Goldman, highlighting the dangers of the so-called revolving door between Wall Street and the government. Goldman declined to comment Thursday.


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