Former Obama administration auto czar Steven Rattner has reached a settlement with the U.S. Securities and Exchange Commission over allegations the private equity firm he founded, Quadrangle, made improper payments to secure business with New York state's public-pension fund, The New York Times reported Wednesday.

Rattner will accept a multi-year ban from the securities industry and pay a fine of more than $5 million, The Times reported. He is still in negotiations over a similar settlement with the office of New York Attorney General Andrew Cuomo, according to the report.

The settlement, which is expected to be announced Thursday, caps a multi-year investigation by the government into kickbacks paid to officials with New York’s pension fund. Earlier this month, Alan G. Hevesi, the state’s former comptroller, pleaded guilty to a corruption charge involving the state fund.