Corporate Scandals

Goldman Sachs to Pay $14.4 Million in Pay-to-Play Case

Former banker made contributions to Massachusetts treasurer while seeking business

|


Goldman Sachs Group Inc. (GS) will pay $14.4 million to resolve regulatory claims that a former banker made improper campaign contributions to the treasurer of Massachusetts while seeking underwriting business.

Neil Morrison, who was a vice president in Goldman Sachs's Boston office, worked for Treasurer Timothy P. Cahill's unsuccessful gubernatorial campaign from November 2008 to October 2010, sometimes during his office hours, the U.S. Securities and Exchange Commission said in a statement today. That constituted in-kind contributions and broke pay-to-play rules, the SEC said.