Back in September of 2014, Rohit Bansal was fired from Goldman Sachs after it was discovered that he had stolen confidential information, probably from his former co-worker and friend, at the Federal Reserve Bank of New York. In November, Bansal pleaded guilty to “obtaining confidential information.”
Bansal, of Manhattan, apologized for the crime, which he said he carried out in the summer of 2014.
“I have learned from it and would like to move forward,” Bansal told U.S. Magistrate Judge Gabriel W. Gorenstein, who set sentencing for March 9, when the 30-year-old Bansal could face up to a year behind bars.
The plea deal that Bansal took in November is paying off dividends as he will receive zero prison time for being a thief.
U.S. Magistrate Judge Gabriel Gorenstein in Manhattan sentenced Rohit Bansal on Tuesday to 300 hours of community service and fined him $5,000.
Bansal was fired by the investment bank after he obtained documents in the summer of 2014 from a former co-worker at the Federal Reserve, where he had worked for seven years after college before joining Goldman Sachs.
The judge noted that Bansal now has a criminal record and was banned for life by the banking community and penalized by the Securities and Exchange Commission.
The judge pointed to the internet and how it has “besmirched” Banal’s reputation.
Goldman Sachs also paid a $50 million penalty to the Department of Financial Services.
The judge said no harm resulted from the crime, an "obvious effort by Bansal to please supervisors at Goldman Sachs." He called Bansal's "selfish motivation" a "disturbing aspect of this case."
Meanwhile, Jamycheal Mitchell spent the last days of his life in prison for stealing a candy bar.