Youlei Tang, also known as Alex Tang, on June 4 entered into a consent cease-and-desist order with the Federal Reserve Board over his removal while working at Goldman Sachs Co., New York, of documents containing confidential supervisory information (CSI) and proprietary information, according to the order announced Thursday by the Fed.
While employed as a vice president, Tang, “without authorization and contrary to Goldman Sachs’s policies,” emailed documents containing that information to his personal e-mail addresses, and he kept copies at his residence, the order states. The order states that Tang’s misconduct “constituted an unsafe or unsound practice and a violation of Board of Governors’ regulations.”
Goldman Sachs has recovered the documents and fired Tang last August, the order states. It adds that if Tang is or becomes an institution-affiliated party with any other federally insured institution, he must:
(a) provide the Managing Director/Senior Vice President or equivalent level in the reporting line of the institution with notice and a copy of this Order;
(b) fully familiarize himself with the policies and procedures of the institution that pertain to his duties and responsibilities, including, but not limited to, the policies and procedures concerning the restrictions on making personal copies of CSI and/or removing CSI from the institution’s premises; and
(c) within 10 days after his acceptance of any position, or execution of the order, “provide written notice to the Board of Governors, along with a written certification of his compliance with each provision of this paragraph.”
Tang faces civil penalties if he violates the order, the order states.
Federal Reserve Board issues enforcement action with former employee of Goldman Sachs & Co.