Fed fines Goldman Sachs for unauthorized use of confidential data

[NEW YORK] The US Federal Reserve Board said on Wednesday it has ordered Goldman Sachs Group Inc to pay US$36.3 million in fines for the unauthorized use and disclosure of confidential information.

The Fed Board also said it is seeking to impose a fine on former Goldman managing director, Joseph Jiampietro, and bar him from the industry.

The Fed Board also ordered Goldman to implement an enhanced program to ensure the proper use of confidential supervisory information.

REUTERS