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3w ago

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

After pleading guilty in 2018, he will begin a two-year sentence in September for his cooperation in exposing the $4.5 billion 1MDB fraud.

A construction worker talks on the phone in front of a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, February 3, 2016. REUTERS/Olivia Harris/File Photo
Tim Leissner, centre, said the people of Malaysia were victims of his “greed — and the greed of those involved alongside me”
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Overview

  • In New York federal court, Judge Margo Brodie described Leissner’s conduct as “brazen and audacious” and credited his extensive cooperation in deciding the sentence.
  • Leissner pleaded guilty to conspiracy violations of the Foreign Corrupt Practices Act and money laundering tied to the misappropriation of $4.5 billion from Malaysia’s sovereign fund.
  • His testimony and provision of electronic evidence were instrumental in the conviction of former colleague Roger Ng and in pursuing charges against fugitive financier Jho Low.
  • Goldman Sachs underwrote $6.5 billion in bonds for 1MDB and resolved US charges in 2020 with a record $2.9 billion fine alongside executive compensation clawbacks.
  • Former Malaysian Prime Minister Najib Razak is serving a 12-year prison term following his conviction for corruption and money laundering connected to the same scandal.