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Goldman Sachs to pay US$14 mil. in pay-to-play violation settlement

WASHINGTON -- Goldman Sachs Group Inc. will pay more than US$14 million to settle federal and state charges after it violated “pay-to-play” rules, in a case involving campaign contributions to former Massachusetts gubernatorial candidate Timothy Cahill.

Neil Morrison, a former vice president in Goldman's Boston office, worked extensively on Cahill's 2010 campaign while also soliciting underwriting business from the Massachusetts treasurer's office, the Securities and Exchange Commission said (SEC).

In what the SEC described as its first “pay-to-play” case involving contributions other than cash, Goldman settled without admitting or denying the charges. The SEC also charged Morrison, and the case against him continues.

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