Goldman letter helps sway judge who sent Leissner to prison
FORMER Goldman Sachs Group Inc. banker Tim Leissner (picture) didn't think he should go to prison for his role in the looting of the Malaysian investment fund 1MDB. Neither did US prosecutors, who praised his cooperation with their investigation.
But US Judge Margo Brodie in Brooklyn, New York, paid more attention to what the bank had said in a letter to the court last week, which pushed back on the calls for leniency for Leissner. She sentenced the former banker to two years in prison Thursday, saying that without Leissner, the massive fraud may never have happened.
Leissner had faced as many as 25 years in prison over his involvement in the fraud that toppled the Malaysian government and led to investigations in six countries. Goldman paid more than $5 billion to settle global probes related to 1MDB, including $2.9 billion in the US in one of the largest penalties in history for a violation of US anti-bribery laws.
The former banker had pleaded guilty in 2018, admitting that he helped siphon billions of dollars from 1MDB. He agreed to cooperate with prosecutors and his testimony led to the conviction of one of his former colleagues, Roger Ng, as well as the fines against Goldman.
'In the end, your cooperation does not completely make up for the harm and devastation you knowingly caused through your conduct which was completely selfish,' Brodie said. ' So some punishment is warranted.'
In the letter last week, the bank said that Leissner had never taken responsibility for his actions.
'Leissner's serial lies, fraud and deception at Goldman Sachs continued from the day he first brought the transactions to the firm through the day he left,' Goldman General Counsel Kathryn Ruemmler wrote. 'Mr. Leissner's efforts in this regard are worthy of sanction, not praise.'
Goldman's court filing quickly became a focus of the sentencing hearing, with prosecutor Drew Rolle calling the letter 'denigrating.'
The bank's comments were 'the equivalent of a getaway driver showing up at a cooperator's sentencing and saying: 'You know judge, we wouldn't be in this mess if he hadn't decided to rob a bank,'' Rolle said.
But Brodie interrupted the prosecutor, asking 'why don't you address Goldman Sachs' letter.'
'I understand you to be saying the letter from Goldman Sachs was denigrating his cooperation. But I read the letter as saying 'But for your conduct there would be no reason to cooperate.''
The bank may still get the final word on Leissner, who left without speaking to reporters. As he walked out of the courtroom, he was handed a document. When asked by reporters what the document was and who issued it, the man who gave it to Leissner said it was a subpoena from Goldman Sachs.
A spokeswoman for Goldman and a lawyer for Leissner declined to comment on the subpoena. The bank said in its letter to Brodie that it continues to try to recoup $20.7 million it paid Leissner while he was working on 1MDB transactions. The bank won an award for that amount from a Finra panel in 2022, which was upheld by a federal judge in Manhattan a year later.
'Mr. Leissner has still not repaid one penny,' Ruemmler said in the letter. –BLOOMBERG
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
Money dysmorphia: Flexing fantasy online
How has the rise of "flex culture" in Malaysia – where influencers showcase luxury lifestyles – contributed to money dysmorphia among young Malaysians? —Pexels HOW has the rise of 'flex culture' in Malaysia – where influencers showcase luxury lifestyles – contributed to money dysmorphia among young Malaysians? Universiti Teknologi Mara Shah Alam's Assoc Prof Dr Sara Chinnasamy observes that more young people worldwide are feeling the pressure to impress or keep up with their peers, often because of flex culture. Bank Negara Malaysia reported in 2021 that 40% of millennials were spending beyond their means, with 47% carrying high credit card debts, she says. 'In simple terms, flex culture means publicly displaying one's wealth, success, and luxurious possessions without humility, whether on social media or in person. Many youth today are chasing extraordinary lifestyles and the lifestyles they are trying to pursue, as seen on social media, are not suitable for most people. 'Malaysian youth need to think thoroughly before spending on discretionary goods. Social media is as a major contributor to the flex culture,' says Assoc Prof Chinnasamy, who is a political and social media analyst at the university's communication and media studies faculty. Prof Dr Sara says social media platforms are saturated with content creators pushing new trends, selling must-have items, and flaunting luxury hauls. She adds that social media platforms often fuel money dysmorphia by promoting unrealistic financial comparisons, especially among impressionable youths. 'For younger users, who are still forming their financial identities, this constant exposure can be especially damaging. Seeing peers or influencers their age seemingly thriving financially can lead to feelings of inadequacy or failure. 'The curated nature of social media can hide the reality behind the scenes – credit card debt, brand sponsorships, and staged content. Yet the emotional impact is real.' According to her, social media platforms are saturated with content creators pushing new trends, selling must-have items, and flaunting luxury hauls. 'And that's where money dysmorphia comes in. The onslaught of these videos may leave some feeling financially inadequate and pressured to recreate these lifestyles. 'The consumerism and neverending comparison traps can lead to anxiety, overspending, and growing fears around financial stability.' She reminds young people that influencer lifestyles often don't reflect reality. 'Unfortunately, many individuals are ensnared by this charm, striving to project an extravagant image to friends, often at the expense of financial feasibility. This involves indulging in pricey dining experiences and acquiring designer items, constructing a facade that doesn't necessarily align with their financial truth.' This trend, she warns, often leads youth to unintentionally accumulate debt in an effort to maintain a certain image. A major driver of this is the growing sense of obligation to uphold a particular lifestyle, resulting in heightened expenditure. 'The products and lifestyles influencers showcase are often sponsored or gifted by brands, who also pay them for endorsements. It's important to remember that what we see online isn't always the full picture – especially as we navigate our own finances.'
![[Watch] 'You Can Be From China, I'm From London' – ‘Puan Sri' Parks In Neighbour's House, Meltdown Goes Viral](/_next/image?url=https%3A%2F%2Fwww.therakyatpost.com%2Fwp-content%2Fuploads%2F2025%2F06%2FUntitled.jpg&w=3840&q=100)
![[Watch] 'You Can Be From China, I'm From London' – ‘Puan Sri' Parks In Neighbour's House, Meltdown Goes Viral](/_next/image?url=https%3A%2F%2Fall-logos-bucket.s3.amazonaws.com%2Ftherakyatpost.com.png&w=48&q=75){kind=small}
Rakyat Post
7 hours ago
- Rakyat Post
[Watch] 'You Can Be From China, I'm From London' – ‘Puan Sri' Parks In Neighbour's House, Meltdown Goes Viral
Subscribe to our FREE A parking dispute in what appears to be an upscale Malaysian residential area has garnered widespread attention on social media, involving an elderly woman who identifies herself as a Puan Sri, whose husband holds the title of Datuk Seri. The incident appears to have begun when the woman had already escalated the matter to the authorities, mentioning about uneducated people and getting out of the house. She was allegedly heard speaking to a sergeant, asking when he could come to take a statement, requesting that the police check on her neighbour, and asking the neighbour to produce a wedding certificate. The connection between marital documentation and parking disputes remains unclear from the available information. She also mentioned referring the matter to Bukit Aman – Malaysia's federal police headquarters. The dispute centred around the woman allegedly parking her car on the neighbour's porch. The Diplomatic Phase (Before It All Went South) When asked to relocate the vehicle, the woman seemed to decline, saying she knew her neighbour's house. Adding another layer of complexity to the situation, she allegedly claimed she couldn't start her car properly and needed someone to come and help. However, it is unclear from the available accounts whether this was due to mechanical issues or other factors. During the exchange with her neighbour, the woman attempted to maintain a cordial tone, saying, 'Don't worry, we are good neighbours, not fighting type of neighbours.' On the other hand, she asked the neighbour to lodge a police report when she was repeatedly told to move her car, which baffled the latter. The Logic Train Derails The woman then claimed the neighbour didn't talk to her nicely, which the neighbour disputed. She then acknowledged that the neighbour had spoken politely, but expressed displeasure about 'intruders come and talk to me.' At this point, she emphasised her status: 'I got a title, my husband got a title, we are not loafers, so I can park four cars in my house.' When the neighbour suggested she park there instead, the woman responded by telling the neighbour not to take video, adding, 'You can be from China, I'm from London.' 'I Am Puan Sri!' – The Battle Cry Heard Round the Internet In what appears to be a separate encounter (evidenced by the woman wearing different clothing), the neighbour asked her not to disturb their workers. The woman responded that it didn't matter whether they were workers or not, instructing the neighbour to 'make sure you have paid the maintenance fee according to our management, please pay to be our resident here.' Despite initially expressing a preference for maintaining good neighbourly relations, when the neighbour politely stated, 'Please, you can go back to your home, this is my home,' the situation escalated dramatically. The woman became agitated about being recorded, asking why the neighbour was taking video. When told 'because you keep coming to my house,' she exploded further, shouting 'am I a convict?' and declaring 'I'm a Puan Sri and I got a title of Datuk Seri here, you know that, you don't have' while pointing at the neighbour. The neighbour calmly responded, 'This is my property,' prompting her to demand, 'Ask who you are first,' before defiantly telling the neighbour she didn't 'give a damn' if the neighbour called the police and the cops can 'come to her house.' The situation escalated beyond the immediate dispute when the woman was heard speaking to what appeared to be security personnel, asking them to verify whether her neighbour had a passport, thereby bringing citizenship documentation into what had begun as a parking disagreement. The Digital Crowd Reacts Social media users didn't hold back: 'You can be from China, I'm from London 😂' – because apparently international origins are now part of parking negotiations. One user quipped: 'She missed her medicine…….. right?' – ouch. The practical crowd chimed in too: 'If I were the homeowner, I'd just call the police and report a suspicious car parked in front of my house. Police would arrive quickly 😁' And the towing company representatives were ready for business: 'Too troublesome dealing with people like this 😂 just call TOWING to remove the car far away.. let's see how big her Tan Sri really is.' kereta sendiri parking dalam rumah orang. lepas tu, gigih melawan fakta. Puan Sri gila teruk sangat dah ni. — Ahmad Nazneen (@ahmadnazneen2) When Parking Wars Go Viral Look, we've all had parking disputes. Most of us just grumble, take a photo for evidence, and maybe passive-aggressively park a little too close next time. But when disputes escalate to involve claims about titles, international origins, and demands for documentation like wedding certificates, it enters a different realm of neighbourhood drama altogether. The incident highlights how everyday disputes can quickly escalate in today's social media landscape. It often leads to broader conversations about social dynamics, expectations of respect and authority, and the differing approaches to conflict resolution in residential communities. READ MORE : READ MORE : READ MORE : Disclaimer: This report is based on social media posts and user comments from what appears to be one side of the story. We cannot independently verify all claims made in the viral content, nor do we suggest who is at fault in this dispute. This coverage is intended to document the social media phenomenon and public reaction, not to make judgments about the individuals involved. As with all viral content, there may be additional context or perspectives not captured in the available material. Share your thoughts with us via TRP's . Get more stories like this to your inbox by signing up for our newsletter.
New Straits Times
8 hours ago
- New Straits Times
NST Leader: Unpaid traffic summonses
Malaysian vehicle owners particularly resent paying traffic summonses for illegal parking, unless forced by police action. Motorists tend to view summonses in three informal categories. First, local council tickets are often ignored due to their perceived lack of enforcement power. Second, traffic police summonses have more legal weight, as non-payment can lead to arrest warrants. Still, many ignore them, especially for illegal parking. RTD summonses, however, are usually taken seriously, as they block road tax and licence renewals until the summonses are paid. Even then, the most stubborn ignore police and RTD's annual flat rate amnesty offers. RTD said that it collected only RM56 million from 374,024 summonses, far below the potential amount, which could have been double or triple that amount. This suggests that many drivers aren't deterred by blacklisting — they continue driving without insurance, road tax or licences. The police discount, valid until June 30, offers a flat RM150 rate for speeding and traffic light violations — similar to RTD's offer. Here lies the problem. Motorists' blase attitude towards these offers reflects a contempt for traffic laws and penalties. This contempt has translated into more serious traffic offences, and more tragic accidents. Since the discounts don't improve road safety, it's time to scrap them and revive tougher penalties that deter offenders. Sure, that would mean more officers and working hours to round up offenders. Police may have to return to making "house calls" on offenders but it's a necessary price to forcibly change an entrenched mindset. There is a plausible solution: integrate data sharing between the traffic police, RTD, Land Public Transport Commission (SPAD) and, while we are at it, the local councils. Under this integration, summonses imposed by traffic police and local councils are automatically recorded by the RTD and SPAD, which immediately blacklist drivers and vehicles with outstanding summonses. Alas, this may not happen in the near future because these agencies and their processes operate independently with little push to exchange data and information. Even when traffic police files a request to the RTD to blacklist certain offenders, the process is tedious and inefficient. Still, this logical and unified system isn't sidelined just yet: there are still efforts to combine the Automated Awareness Safety System, the Automated Enforcement System and the Kejara points demerit system. There's only one problem: this initiative had been lumbering for more than a decade and it is still lumbering.
