The SEC announced today that former Goldman Sachs investment banker Neil M.M. Morrison has agreed to pay $100,000 and accept a bar from the securities industry for five years to settle the agency’s charges related to a “pay-to-play” scheme. In September 2012, the SEC alleged in administrative proceedings against Goldman and Morrison that Morrison made undisclosed campaign contributions to then-Massachusetts state treasurer Timothy P. Cahill while Cahill was a candidate for governor. Instead of contributing cash to Cahill, however, Morrison allegedly used Goldman’s resources to carry out campaign activities including fundraising, drafting speeches, communicating with reporters, approving personnel decisions, and interviewing at least one possible running mate. The SEC noted at the time that that the case marked the first SEC enforcement action for pay-to-play violations involving ‘in-kind’ non-cash contributions to a political campaign.
