The Federal Reserve Board on Wednesday fined Goldman Sachs [s:GS] $ 36.three million for its unauthorized use and disclosure of confidential supervisory knowledge. The regulator also ordered the funding financial institution to implement more advantageous policies for use of private regulatory knowledge. The Fed is also initiating enforcement court cases against a former Goldman Sachs managing director, Joseph Jiampietro, associated to his and his subordinates’ alleged unauthorized use and disclosure of studies of financial institution examinations and different private studies ready with the aid of banking regulators in displays to its shoppers and potential shoppers so that you can solicit business for the agency. The order against Goldman Sachs also prohibits the firm from re-employing individuals involved within the unsuitable disclosure of personal supervisory information or preserving them as consultants or contractors.
Fed fines Goldman Sachs $36.3 million for using confidential supervisory information