The Federal Reserve hit Goldman Sachs on Wednesday with a $36.3 million penalty for improperly sharing confidential regulatory information with clients and prospective clients.

Additionally, the Fed said that it is beginning enforcement proceedings against Joseph Jiampietro, a former managing director at Goldman Sachs, seeking to impose a fine and permanently bar him from the banking industry stemming from his and his subordinates’ unauthorized use and disclosure of confidential supervisory information.

According to the Federal Reserve Board’s announcement, Goldman Sachs personnel used confidential supervisory information – which can include reports of bank examinations and other confidential reports prepared by bank regulators – in presentations to clients and prospective clients in an effort to solicit business.

The Fed said that from at least 2012, Goldman did not have proper policies, procedures or employee training in place to ensure compliance with the current laws in this area. The regulator additionally ordered Goldman Sachs to implement an enhanced program to ensure compliance with regulations concerning the receipt, use and dissemination of confidential supervisory information.