An ex-Goldman Sachs employee was not sentenced and was fined instead after he admitted to illegally securing confidential documents at the Federal Reserve Bank of New York.
Rohit Bansal, an ex-Goldman Sachs employee, was accused of using the New York Fed documents to further advance his career and to help his co-employees in their work. The Federal prosecutors in Manhattan believe that the ex-Goldman Sachs employee must be sentenced up to a year due to the offense, Yahoo reports. Bansal's actions were labeled as significantly disturbing by U.S. Magistrate Judge Gabriel Gorenstein.
"During my short time at Goldman Sachs, I truly lost sight of what was right," he said.
The U.S. Magistrate Judge claimed that the ex-Goldman Sachs employee knew that the documents he's getting from a New York Fed employee Jason Gross were strictly confidential. The U.S. Magistrate further said that Bansal's indictment could serve as a lesson for others who might engage in the same offense. The ex-Goldman Sachs employee was fined $5,000 and was under a two-year probation along with 300 hours of community service, according to Business Insider.
The ex-Goldman Sachs employee was charged with misdemeanor theft of government property and being permanently barred from the banking industry. The charges follows the agreement of Golman Sachs with New York State Department of Financial Services to pay $50 million for failing to monitor Bansal. Bansal obtained documents from Gross, who was under his supervision in New York Fed before he worked at Goldman Sachs, reported Reuters.
Bansal was fired by Goldman Sachs as soon as his wrongdoing was discovered by his superiors. Gross was also dismissed from New York Fed. The ex-Goldman Sachs employee was charged with misdemeanor in November. He paid a $2,000 fine and was under sentence probation for a year. He also served 200 hours community service.
