An Indian-origin banker will plead guilty in regulatory leak case
Advertisement
An Indian-origin former Goldman Sachs banker, who is suspected of taking confidential documents from a government source, has agreed to plead guilty in a criminal action on Wall Street .
According to a report in the New York Times, Rohit Bansal and his source Jason Gross will accept a plea deal from federal prosecutors under which they would be imprisoned for up to one year.
At the time of the leak Gross worked as an employee at theFederal Reserve Bank of New York.
Federal prosecutors are preparing to announce criminal charges this week against Gross and Bansal.
"The outcome partly reflects their low-level rank on Wall Street. Bansal, who was 29 at the time, was an associate at Goldman," the report said, adding the Federal Reserve is likely to permanently bar Bansal from thebanking industry .
The report said that it is "rare" for a Wall Street banker to face criminal charges. Not a single Wall Street chief executive was charged after the financial crisis even as bankers or traders have faced charged in a few investigations.
Under a tentative deal with New York State's financial regulator, Goldman is expected to pay a 50 million dollar fine and face new restrictions on how it handled delicate regulatory information.
(Image: Indiatimes)
Advertisement
According to a report in the New York Times, Rohit Bansal and his source Jason Gross will accept a plea deal from federal prosecutors under which they would be imprisoned for up to one year.
At the time of the leak Gross worked as an employee at the
Federal prosecutors are preparing to announce criminal charges this week against Gross and Bansal.
"The outcome partly reflects their low-level rank on Wall Street. Bansal, who was 29 at the time, was an associate at Goldman," the report said, adding the Federal Reserve is likely to permanently bar Bansal from the
Advertisement
Under a tentative deal with New York State's financial regulator, Goldman is expected to pay a 50 million dollar fine and face new restrictions on how it handled delicate regulatory information.
(Image: Indiatimes)
Advertisement
- 2 states where home prices are falling because there are too many houses and not enough buyers
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- BenQ Zowie XL2546X review – Monitor for the serious gamers
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market