Goldman Sachs will pay $14.4 million to
resolve regulatory claims that a former banker made improper campaign
contributions to the treasurer of Massachusetts while seeking underwriting
business, Bloomberg reports..
Neil Morrison, who was a VP in Goldman Sachs’s
Boston office, worked for Treasurer Timothy P. Cahill’s unsuccessful
gubernatorial campaign from November 2008 to October 2010, sometimes during his
office hours, the U.S. Securities and Exchange Commission said in a statement
yesterday. That constituted in-kind contributions and broke pay- to-play rules,
the SEC said.
The settlement, which includes $4.6 million paid to
Massachusetts, is the SEC’s first involving noncash contributions and is the
latest since the agency began bolstering oversight of the $3.7 trillion
municipal-bond market in 2010…..
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