Fed bars former Goldman Sachs employee over disclosure of confidential supervisory information

A former employee of Goldman, Sachs & Co. (New York) who is said to have disclosed confidential supervisory information is permanently barred from any future involvement in the affairs of any federally insured depository institution, the Federal Reserve said in a consent order released Thursday.

The Fed, in its order, said Joseph Jiampietro, while employed at Goldman Sachs, “used and disclosed CSI [confidential supervisory information] of the Board of Governors without authorization, in violation of 12 C.F.R. § 261.22(e), and failed to address the unauthorized use and disclosure of CSI by a subordinate.”

“Confidential supervisory information includes bank examination reports and other confidential reports prepared by banking regulators,” the Fed said in a release. “It is illegal to use or disclose confidential supervisory information without prior approval of the appropriate banking regulator.”

The Fed said the board announced in August 2016 that it was instituting enforcement proceedings against Jiampietro and sought to permanently bar him from employment in the banking industry. “The prohibition today will end those proceedings,” it said.

Federal Reserve Board issues enforcement action with former employee of Goldman Sachs Group, Inc.