Thursday, 27 Sep 2012 11:08 AM

the lawGoldman Sachs Group Inc. agreed to pay about $12 million to settle charges that it violated “pay-to-play” rules in a case involving undisclosed campaign contributions to a former Massachusetts state treasurer who was a candidate for governor in the state, U.S. securities regulators said on Thursday.

A former vice president in Goldman’s Boston office, Neil Morrison, worked on the campaign of Timothy Cahill around the same time that he was also soliciting underwriting business from the Massachusetts treasurer’s office, the Securities and Exchange Commission said.

Read more: Goldman to Pay $12 Million to Settle ‘Pay-to-Play’ Probe