Ex-Goldman Sachs Banker Tim Leissner Sentenced for 1MDB Scandal

Published 18 hours agoGS

Ex-Goldman Sachs Banker Tim Leissner Sentenced for 1MDB Scandal

Tim Leissner, a former high-profile banker at Goldman Sachs, has been sentenced to two years in prison for his role in the notorious 1Malaysia Development Berhad (1MDB) scandal. This comes after Leissner admitted to conspiring to breach the Foreign Corrupt Practices Act and engaging in money laundering activities. The 1MDB scandal has sent shockwaves through the financial world due to the scale and sophistication of the fraudulent activities involved.

As reported by the Financial Times, Leissner played a significant part in the misappropriation of roughly $4.5 billion from Malaysia’s sovereign wealth fund, and his cooperation with US authorities has been pivotal. His collaboration included testifying against a fellow former Goldman Sachs banker, Roger Ng, which contributed to a reduced sentence. Alongside the prison term, Leissner has been ordered to forfeit $43.7 million, including shares from Celsius Holdings Inc.

Leissner's sentencing reflects the serious consequences faced by those involved in one of the biggest financial scandals of our time. Despite losing his career and family, Leissner expressed deep remorse for his actions during his court appearance. Meanwhile, Goldman Sachs itself has faced nearly $3 billion in fines, acknowledging its role in the affair by admitting to over $1 billion in bribe payments to secure 1MDB bond deals. Leissner is expected to begin his prison sentence on September 15.

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