Goldman settles charges it violated muni pay-to-play rules

The SEC settlement was the first ever involving in-kind campaign contributions and municipal securities

Goldman Sachs agreed to pay about $12m to settle charges that a former banker in the firm's Boston office violated pay to play rules by working on the campaign of a former Massachusetts treasurer who was running for governor.

The SEC said banker Neil Morrison conducted campaign activities for the former state treasurer, Tim Cahill, from the Goldman Sachs office.

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