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3w ago

Former Goldman Sachs Banker Tim Leissner Sentenced to Two Years for 1MDB Scheme

His cooperation helped convict fellow bankers, earning him a reduced term despite Malaysian criticism.

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

  • On May 29, U.S. Judge Margo Brodie handed Leissner a 24-month prison term for orchestrating bribes and laundering funds tied to Malaysia’s 1MDB sovereign wealth fund.
  • Leissner pleaded guilty in 2018 to conspiracy under the Foreign Corrupt Practices Act and money laundering after admitting that $4.5 billion was siphoned from 1MDB through bond offerings.
  • Prosecutors highlighted his “extraordinary” assistance, including detailed debriefings and testimony that secured the 10-year sentence of former colleague Roger Ng.
  • Malaysia’s Commodities Minister Johari Abdul Ghani condemned the sentence as too lenient for one of the scandal’s architects.
  • Leissner must report to prison on September 15, has forfeited over $43 million under his plea deal, and investigations continue into fugitive financier Jho Low.