The Federal Reserve permanently banned a former Goldman Sachs Group managing director from the financial industry for improperly using and disclosing the regulator’s bank-supervision information.
Joseph Jiampietro agreed to the ban without admitting or denying the allegations, the central bank said in a
The ban stems from a case the Fed brought against Jiampietro in 2016, alleging the former investment banker who also previously worked at the Federal Deposit Insurance Corp., used the confidential information in his job at Goldman Sachs. That year, the New York-based bank agreed to pay $36.3 million to settle allegations related to matter.
Adam Ford, an attorney for Jiampietro at Ford O’Brien Landy, said his client left the industry seven years ago.
“He fought every day to clear his name, but given the lapse of time and his future plans the endless litigation no longer made sense,” Ford said in an emailed statement. “He is glad to put it behind him in the manner he did.”
Goldman Sachs didn’t immediately respond to a request for comment.
When it initially brought its enforcement action, the Fed said Jiampietro had developed a consultancy practice at Goldman that advised midsize and regional banks on potential mergers and compliance matters such as stress tests conducted by regulators. The settlement likely marks the end of Jiampietro’s longstanding legal battle. In 2018, he sued the Fed, claiming that it was taking too long to reach a final decision in the case.
— With assistance from Steven Crabill.
