Goldman Sachs banker arrested over allegations of US insider trading worth US$2.6 million
- A spokeswoman confirmed the man was an investment banker but said the bank was unaware of the allegations until Friday
A Goldman Sachs Group Inc. investment banker was arrested by federal prosecutors over allegations of insider trading, according to court records unsealed on Friday.
Bryan Cohen, a vice-president, leaked nonpublic information for almost three years as part of an international insider trading scheme that led to US$2.6 million in illicit gains, according to a separate complaint from the US Securities and Exchange Commission that did not identify his employer. Some information was tied to pending deals involving Syngenta AG and Buffalo Wild Wings Inc., the documents show.
A Goldman spokeswoman confirmed Cohen was an investment banker who worked in the consumer retail division. The bank was unaware of the allegations until Cohen was arrested on Friday. He has since been placed on leave.
“We are cooperating with the authorities on the situation regarding Mr Cohen,” Nicole Sharp, a representative for the firm, said in an emailed statement. “Protecting client confidential information is our highest internal priority and we condemn this alleged behaviour.”
A lawyer for Cohen did not immediately respond to a request for comment.