Goldman Sachs Banker Arrested Over U.S. Insider Trading Allegations : Reports

(RTTNews) - Federal prosecutors arrested a Goldman Sachs Group investment banker over allegations of insider trading, but the banker was released on bail, according to reports citing court records.

Bryan Cohen, a vice president at Goldman Sachs, leaked non-public information for about three years in exchange for cash as part of the insider trading scheme that led to $2.6 million in illicit gains, the reports said quoting a separate complaint from the U.S. Securities and Exchange Commission that didn't disclose his employer.

The SEC reportedly alleged that Cohen had shared the information with a trader, who subsequently passed it on to George Nikas. Nikas realised the gains, the reports said quoting the SEC complaint. Nikas, a 54-year-old New York restaurateur who owns the chain GRK Fresh, was also charged by prosecutors. Cohen expected and received cash in exchange for the tips he provided.

Cohen shared confidential information about offers for Swiss agribusiness Syngenta in 2015 by Monsanto and ChemChina, and about Arby's takeover of Buffalo Wild Wings in 2017, the reports said citing the SEC allegation.

Goldman Sachs reportedly said it was unaware of the allegations until Cohen was arrested on Friday. He has been placed on leave.