A GOLDMAN Sachs Group Inc. investment banker has been released on bond and placed on leave by the firm after allegedly being involved in an insider trading scheme.

Bryan Cohen, a vice president at Goldman Sachs who works in the Consumer Retail industry group, was arrested early Friday on charges of conspiracy to commit securities fraud. He was also sued by the U.S. Securities and Exchange Commission and accused of improperly using insider information about impending corporate deals.

Cohen is the third Goldman Sachs employee to be charged in an insider trading scheme since May 2018.

Cohen, 33, of New York, was arraigned Friday before a U.S. magistrate judge in Manhattan and released after he posted us$250,000 and ordered to refrain from the “conduct alleged,” according to court records. A pre-trial hearing is set for Tuesday.

Goldman Sachs spokeswoman Nicole Sharp said Saturday the firm is “cooperating with the authorities on the situation regarding Cohen. Protecting client confidential information is our highest internal priority and we condemn this alleged behavior.”

The SEC complaint also names a Greek citizen, George Nikas, 54, who has homes in New York and Athens and owns a restaurant chain “GRK Fresh” that includes locations in Manhattan.

The complaint says the pair participated in a scheme that netted Nikas at least US$2.6 million in illicit profits by trading shares in two companies. Cohen passed on non-public corporate deal information to an unnamed trader who in turn gave it to Nikas who used it to illegally trade securities, the SEC said.

Cohen allegedly got cash in exchange for information he gave the trader. (SD-Agencies)