Fed fines Goldman $36.3M for use of confidential material

Posted at 1:23 PM, Aug 03, 2016

WASHINGTON (AP) — The Federal Reserve is fining Goldman Sachs $36.3 million for what it's calling the use and disclosure of confidential materials that the U.S. uses in its supervision of banks.

The Fed ordered the big Wall Street bank on Wednesday to put in place a program that would ensure the alleged violation doesn't happen again.

Regulators now want to ban Joseph Jiampietro , a former managing director at Goldman, from the banking industry and levy fines against him for the incident that took place more than two years ago.

They say the "confidential supervisory information" obtained by Goldman included reports of bank examinations used by regulators.

The Fed said Goldman employees improperly used and disclosed the confidential information during presentations to clients and prospective clients in an attempt to get their business.