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Ex-Goldman banker Jiampietro banned for all times by the Fed

The Federal Reserve completely banned a former Goldman Sachs Group managing director from the monetary business for improperly utilizing and disclosing the regulator’s bank-supervision data.

Joseph Jiampietro agreed to the ban with out admitting or denying the allegations, the central financial institution stated in a statement. The data at subject consists of bank-examination experiences and different confidential paperwork.

The ban stems from a case the Fed introduced towards Jiampietro in 2016, alleging the previous funding banker who additionally beforehand labored on the Federal Deposit Insurance coverage Corp., used the confidential data in his job at Goldman Sachs. That yr, the New York-based financial institution agreed to pay $36.3 million to settle allegations associated to matter.

Read more: Goldman Sachs Fined $36 Million by Fed Over Leaked Documents

Adam Ford, an legal professional for Jiampietro at Ford O’Brien Landy, stated his consumer left the business seven years in the past.

“He fought day-after-day to clear his title, however given the lapse of time and his future plans the limitless litigation not made sense,” Ford stated in an emailed assertion. “He’s glad to place it behind him within the method he did.”

Goldman Sachs didn’t instantly reply to a request for remark.

When it initially introduced its enforcement motion, the Fed stated Jiampietro had developed a consultancy observe at Goldman that suggested midsize and regional banks on potential mergers and compliance issues reminiscent of stress checks performed by regulators. The settlement doubtless marks the top of Jiampietro’s longstanding authorized battle. In 2018, he sued the Fed, claiming that it was taking too lengthy to succeed in a last resolution within the case. 

— With help from Steven Crabill.

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