US NRI banker to plead guilty of leaking confidential documents

CRIMgsbankerFormer Goldman Sachs banker Rohit Bansal, suspected of taking confidential documents from a source in the government has agreed to plead guilty.

Reports say Bansal and his source Jason Gross, who at the time was an employee of the Federal Reserve Bank of New York, will accept a plea deal from federal prosecutors under which both men could go to prison for up to a year.

Federal prosecutors are preparing to announce the criminal charges against the two men.

The Federal Reserve is also expected to permanently bar Bansal from the banking industry. Under a tentative deal with the regulator Goldman is expected to pay a $50 million fine and face new restrictions on how it handled delicate regulatory information.

A Goldman spokesman said Bansal worked for the firm for less than 3 months and once it detected the leak it immediately began an investigation and notified the appropriate regulators.