Goldman Sachs Banker Fired After Guilty Plea for Sexual Assault on Niece

By: Don Driggers

Ronan O’Grady, a banker at Goldman Sachs, was dismissed from his position last month after it was revealed that he had pleaded guilty in February to sexually assaulting his niece over several years beginning in 2004. O’Grady, 33, who had been employed as a private wealth adviser at Goldman’s London office since 2017, was sentenced to two years in prison for these offenses, NY Post reported.

According to the Financial Times, O’Grady pleaded guilty to eight counts of sexual assault against his niece, Keely O’Grady. The abuse began when Keely was six years old and Ronan was 13, continuing over several years. Keely reported that her uncle had touched her inappropriately, forced her to perform oral sex, and exposed her to pornography. On at least one occasion, a friend of Ronan’s recorded the assaults while hiding in a closet at the girl’s grandparents’ home in Offaly, a county near Dublin, as reported by RTE, an Irish news outlet.

Ronan O’Grady’s guilty plea in February was followed by a sentencing hearing late last month. The judge considered the fact that O’Grady was a minor himself, aged between 13 and 17, when the crimes were committed. Consequently, he was sentenced to two years in prison. Despite his guilty plea, O’Grady continued to work at Goldman Sachs and did not disclose his legal issues to his employers.

Goldman Sachs only became aware of O’Grady’s criminal proceedings in June 2024. A spokesperson for the investment bank, Tony Fratto, stated, “Mr. O’Grady concealed these criminal proceedings from us until June 2024, despite being required to disclose them. His employment ended within days of us becoming aware.” Fratto also expressed the company’s shock and disappointment, adding, “Our thoughts are with the victim.”

Keely O’Grady, now 26, reached out to her uncle on social media when she turned 18 to confront him about the abuse. Ronan O’Grady responded by acknowledging the incidents but minimized them as the actions of a “young and stupid” teenager. Despite this admission, he maintained his innocence until the trial commenced, where he ultimately pleaded guilty. Keely provided an impact statement during the trial, detailing the profound effects the abuse had on her mental health, including depression, severe anxiety, and suicidal thoughts.

This incident adds to the series of controversies surrounding Goldman Sachs in recent years:

1. 1MDB Scandal: Goldman Sachs was implicated in the 1MDB scandal, a massive fraud involving Malaysia’s sovereign wealth fund. The bank agreed to pay over $2.9 billion to settle charges related to its role in the scheme.
2. Insider Trading: Several Goldman Sachs employees have been involved in insider trading cases. Rajat Gupta, a former board member, was convicted in 2012 for insider trading based on confidential information from Goldman Sachs board meetings.
3. Mortgage-Backed Securities: Following the 2008 financial crisis, Goldman Sachs faced numerous lawsuits regarding the sale of mortgage-backed securities. In 2016, the bank agreed to a $5 billion settlement to resolve claims of misleading investors about the quality of the loans