Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Thursday, May 23, 2013

Former Goldman Banker Settles SEC "Pay-to-Play" Charges

Neil M.M. Morrison, a former VP in the investment banking division of Goldman, Sachs, settled SEC charges that he engaged in a "pay-to-play" scheme.  The SEC alleged that starting in July 2008 Morrison was employed by Goldman to solicit municipal underwriting business from the Massachusetts Treasurer's Office, among others.  During the period from November 2008 to October 2010, Morrison was also substantially engaged in the political campaigns of Timothy Cahill, then-Treasurer of Massachusetts, and worked on the campaign during Goldman Sach work hours and using Goldman Sachs resources.  The SEC found that Morrison's campaign activities constituted valuable undisclosed "in-kind" campaign contributions to Cahill attributable to Goldman Sachs.  At the same time he was working on the campaign, he actively solicited municipal securities business from the Treasurer's Office.

The SEC barred Morrison from the securities industry with the right to apply for reentry after five years and also imposed a $100,000 fine.  In re Neil M.M. Morrison, Sec. Exch. Act Rel. 69627 (May 23, 2013)

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