A banker at Goldman Sachs remained employed by its London workplace till final month, regardless of having been convicted for sexually assaulting a baby.
Ronan O’Grady pleaded responsible in February to eight counts of sexual assault, in accordance with the Courts Service of Eire. He was then sentenced to 2 years in jail on the Felony Courts of Justice in Dublin on June 28, in accordance with court docket information. He was below 18 when the offences occurred between 2004 and 2008.
O’Grady, 33, was employed by the London workplace of the Wall Road behemoth till June, when the financial institution grew to become conscious of his conviction, two folks acquainted with the scenario mentioned. O’Grady labored in Goldman’s wealth unit as an govt director, one of many folks added.
“We have been shocked to be taught of Mr O’Grady’s appalling previous offences and he’s now not employed by the agency,” Goldman mentioned in an announcement. “Our ideas are with the sufferer.”
“Mr. O’Grady hid these legal proceedings from us till June 2024, regardless of being required to reveal them. His employment ended as soon as we grew to become conscious.”
The financial institution requires staff to reveal at common intervals any legal proceedings.
Goldman declined to touch upon his function. O’Grady’s legal professionals didn’t reply to requests for remark.
O’Grady stays listed on the UK Monetary Conduct Authority’s register of authorised individuals, which confirms people are “match and correct” to work in regulated capabilities. He was licensed to be in that function by Goldman. The FCA solely has duty for approving senior administration capabilities within the business.
The FCA declined to touch upon the O’Grady case.
The UK watchdog has been grappling with the right way to deal with non-financial misconduct by regulated corporations and people in recent times as a variety of instances regarding sexual offences have emerged. The FCA mentioned earlier this yr that it was intensifying efforts to deal with such behaviour.
In 2021, the FCA banned monetary adviser Jon Frensham after he was convicted of trying to fulfill a baby following sexual grooming. Whereas Frensham unsuccessfully contested the ban, the decide mentioned that the conviction alone might need been inadequate to assist the prohibition, demonstrating the complexity of the regulator’s function in such instances.
Hedge fund founder Crispin Odey — who was ejected from the corporate he based after an investigation by the Monetary Instances revealed a number of claims of sexual assault and harassment in opposition to him — threatened to take the FCA to court docket if it didn’t drop an investigation concerning his alleged sexual misconduct at his eponymous hedge fund. The regulator’s investigation into him continues. Odey has disputed the allegations and has issued a libel declare.
