Latest news with #TimothyLeissner
RTHK
4 days ago
- Business
- RTHK
Ex-Goldman Sachs banker gets two years over 1MDB theft
Ex-Goldman Sachs banker gets two years over 1MDB theft Former Goldman Sachs chief of southeast Asia operations, Timothy Leissner, arrives at the US District Court for Eastern District of New York for his sentencing. Photo: AFP A former Goldman Sachs banker has been sentenced to two years in US federal prison for his role in a US$4.5 billion scheme to ransack a Malaysian state investment fund. Tim Leissner, at his sentencing in Brooklyn federal court on Thursday, apologised to the people of Malaysia, who he called the 'real victims' of the scheme. 'The funds raised more than a decade ago could have profoundly benefited the nation and its citizens,' he said in a statement read in court and provided by his lawyers. 'Instead, due to my greed – and the greed of those involved alongside me – they were misappropriated.' Prosecutors said Leissner and other Goldman Sachs bankers helped the Malaysian investment fund known as 1MBD, or the 1Malaysia Development Berhad state fund, raise US$6.5 billion through bond sales. But they say more than US$4.5 billion of the funds were stolen and laundered through bribes and kickbacks. The spoils bankrolled extravagant purchases, from wild parties to lavish spending on jewels, art, a superyacht and luxury real estate, prosecutors have said. They also helped finance the 2013 Martin Scorsese film 'The Wolf of Wall Street' that starred Leonardo DiCaprio. The scandal led to the fall of Malaysian prime minister Najib Razak's government in 2018. Najib was later convicted by a Malaysian court of abuse of power and other crimes related to the scandal and sentenced to 12 years in prison. Leissner had pleaded guilty in 2018 to bribing government officials in Malaysia and Abu Dhabi. He served as a key government witness in the trial of Roger Ng, a fellow former Goldman Sachs banker who was sentenced in 2023 to 10 years in federal prison. (AP)
Free Malaysia Today
4 days ago
- Business
- Free Malaysia Today
Ex-Goldman banker Leissner sentenced to two years in prison in 1MDB case
Former Goldman Sachs banker Timothy Leissner (left) arrives at US district court in New York for sentencing hearing. (AFP pic) NEW YORK : Former Goldman Sachs banker Tim Leissner was sentenced to two years in prison by a judge in a New York court on Thursday after playing a key role in a multi-billion dollar scandal involving Malaysia's sovereign fund 1MDB. Malaysian and US authorities estimated US$4.5 billion was stolen from 1MDB in an elaborate scheme that spanned the globe and implicated high-level officials in the fund, former Malaysian prime minister Najib Razak, Goldman executives and others. Leissner, a former Southeast Asia chairman for Goldman, pleaded guilty in 2018 to a conspiracy to violate the Foreign Corrupt Practices Act and participating in a money laundering conspiracy, all tied to his role in the 1MDB scandal. Leissner's conduct was 'brazen and audacious,' judge Margo Brodie said during sentencing. While his cooperation with the government was taken into account, it did not make up for the harm caused by the corruption at the highest levels in several countries, the judge said. 'First and foremost, I offer my sincere apology to the people of Malaysia,' Leissner, 55, told the hearing, his voice breaking as he read a statement. 'I deeply regret my actions.' Goldman helped sell US$6.5 billion of bonds for 1MDB, which former Malaysian prime ninister Najib set up with the help of Low to promote economic development. Some of the funds were diverted to offshore bank accounts and shell companies linked to Malaysian financier Jho Low, who is now a fugitive. Leissner became a US government witness in the case after his arrest in 2018. He was allowed to remain free after he agreed to help the government in the investigation and testified against former banking colleague Roger Ng. Ng has pleaded not guilty to charges of conspiring to launder money and violate an anti-bribery law. The former head of investment banking for Goldman in Malaysia was convicted in Brooklyn and sentenced to 10 years in prison, but transported to Malaysia in 2023 to assist probes there. Leissner met with the government on dozens of occasions, reviewing countless documents and communications he received related to the 1MDB scheme and other matters, according to a filing by prosecutors. 'We respect the court's decision today and Mr Leissner is prepared to serve his sentence and continue his future life of good works and care for his family,' said his lawyer Henry Mazurek, a partner at Meister Seelig & Fein PLLC. Prosecutors requested the court impose a sentence below the applicable guidelines range due to Leissner's cooperation in the probe. Only criminal case against Goldman Leissner told the court that he had lost his freedom, family and financial independence in the wake of the scandal. The former executive said his health also suffered, and that he took pills and lost the will to live. Goldman said in a letter to the court on May 21 that Leissner deceived his colleagues for years, culminating in the only criminal case filed against Goldman in its 156-year history. Goldman in 2020 paid a record US$2.9 billion fine in the US and arranged for its Malaysian unit to plead guilty in US court. It also clawed back US$174 million in executive compensation. Malaysia's former prime minister Najib was found guilty in 2020 of criminal breach of trust and abuse of power for illegally receiving funds misappropriated from a unit of state investor 1Malaysia Development Berhad. Malaysia's top court in 2022 upheld a guilty verdict against Najib, sentencing him to 12 years in prison. The sentence was later halved by a pardons board chaired by Malaysia's former king. The former premier is currently in prison and is pursuing a legal bid to compel authorities to entitle him to serve the remainder of his sentence at home.
Business Times
4 days ago
- Business
- Business Times
US judge sentences ex-Goldman Sachs banker to two years over 1MDB scandal
[NEW YORK] A US judge on Thursday sentenced a former Goldman Sachs banker central to the 1MDB scandal to two years in prison after prosecutors argued for leniency due to his cooperation. Timothy Leissner, a key architect of the massive bribery and kickback scheme involving a Malaysian sovereign wealth fund, will begin serving a 24-month sentence in September, according to a spokesman for the US Department of Justice. Leissner, who previously pleaded guilty to US bribery and money laundering counts, faced a maximum sentence of 25 years. The 1MDB conspiracy involved billions of dollars that were raised to support energy and infrastructure projects but were instead pilfered or used to purchase yachts, jewelry and other luxury items. The case resulted in 'the only criminal case filed against Goldman Sachs in its 156-year history,' the firm said in a filing to the court that endorsed a tough sentence. But prosecutors argued for leniency, citing Leissner's 'extraordinary' assistance to the probe after federal agents ambushed the defendant in June 2018 after he deplaned an international flight in Washington. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The government's brief cited 'marathon meetings' with Leissner in which he turned over electronic devices and 'displayed remarkable recall and spoke with precision about what he knew about the scheme,' which included repeatedly lying to colleagues at Goldman about his actions, the Justice Department said. Leissner testified against Ng Chong Hwa, or 'Roger Ng,' another former Goldman banker, at a New York trial in February 2022. Ng has been sentenced to 10 years after being found guilty, but has yet to begin his sentence, the Justice Department said. Leissner also provided details that led to US charges against Low Taek Jho, a Malaysian financier known as 'Jho Low' who remains at large. In a letter to the court, Leissner, 55, called his crime 'terrible' and expressed regret at time lost with children and ageing parents. 'I have had to publicly face the fact that I helped steal billions of dollars not just from individuals, but from an entire nation,' Leissner said. But Goldman Sachs dismissed Leissner's cooperation. 'Whatever personal and professional consequences Mr. Leissner may himself have experienced in recent years, those consequences are a natural and direct result of his brazen and audacious criminal conduct, not his cooperation,' Goldman said. AFP
New Straits Times
4 days ago
- Business
- New Straits Times
US court jails ex-Goldman's Tim Leissner over 1MDB scandal
NEW YORK: A US judge on Thursday sentenced a former Goldman Sachs banker central to the 1MDB scandal to two years in prison after prosecutors argued for leniency due to his cooperation. Timothy Leissner, a key architect of the massive bribery and kickback scheme involving a Malaysian sovereign wealth fund, will begin serving a 24-month sentence in September, according to a spokesman for the US Department of Justice. Leissner, who previously pleaded guilty to US bribery and money laundering counts, faced a maximum sentence of 25 years. The 1MDB conspiracy involved billions of dollars that were raised to support energy and infrastructure projects but were instead pilfered or used to purchase yachts, jewellery and other luxury items. The case resulted in "the only criminal case filed against Goldman Sachs in its 156-year history," the firm said in a filing to the court that endorsed a tough sentence. But prosecutors argued for leniency, citing Leissner's "extraordinary" assistance to the probe after federal agents ambushed the defendant in June 2018 after he deplaned an international flight in Washington. The government's brief cited "marathon meetings" with Leissner in which he turned over electronic devices and "displayed remarkable recall and spoke with precision about what he knew about the scheme," which included repeatedly lying to colleagues at Goldman about his actions, the Justice Department said. Leissner testified against Ng Chong Hwa, or "Roger Ng," another former Goldman banker, at a New York trial in February 2022. Ng has been sentenced to 10 years after being found guilty, but has yet to begin his sentence, the Justice Department said. Leissner also provided details that led to US charges against Low Taek Jho, a Malaysian financier known as "Jho Low" who remains at large. In a letter to the court, Leissner, 55, called his crime "terrible" and expressed regret at time lost with children and ageing parents. "I have had to publicly face the fact that I helped steal billions of dollars not just from individuals, but from an entire nation," Leissner said. But Goldman Sachs dismissed Leissner's cooperation. "Whatever personal and professional consequences Mr. Leissner may himself have experienced in recent years, those consequences are a natural and direct result of his brazen and audacious criminal conduct, not his cooperation," Goldman said.--AFP
NDTV
4 days ago
- Business
- NDTV
Ex-Goldman Sachs Banker Jailed For 2 Years For Bribery Scheme
A US judge on Thursday sentenced a former Goldman Sachs banker central to the 1MDB scandal to two years in prison after prosecutors argued for leniency due to his cooperation. Timothy Leissner, a key architect of the massive bribery and kickback scheme involving a Malaysian sovereign wealth fund, will begin serving a 24-month sentence in September, according to a spokesman for the US Department of Justice. Leissner, who previously pleaded guilty to US bribery and money laundering counts, faced a maximum sentence of 25 years. The 1MDB conspiracy involved billions of dollars that were raised to support energy and infrastructure projects but were instead pilfered or used to purchase yachts, jewelry and other luxury items. The case resulted in "the only criminal case filed against Goldman Sachs in its 156-year history," the firm said in a filing to the court that endorsed a tough sentence. But prosecutors argued for leniency, citing Leissner's "extraordinary" assistance to the probe after federal agents ambushed the defendant in June 2018 after he deplaned an international flight in Washington. The government's brief cited "marathon meetings" with Leissner in which he turned over electronic devices and "displayed remarkable recall and spoke with precision about what he knew about the scheme," which included repeatedly lying to colleagues at Goldman about his actions, the Justice Department said. Leissner testified against Ng Chong Hwa, or "Roger Ng," another former Goldman banker, at a New York trial in February 2022. Ng has been sentenced to 10 years after being found guilty, but has yet to begin his sentence, the Justice Department said. Leissner also provided details that led to US charges against Low Taek Jho, a Malaysian financier known as "Jho Low" who remains at large. In a letter to the court, Leissner, 55, called his crime "terrible" and expressed regret at time lost with children and ageing parents. "I have had to publicly face the fact that I helped steal billions of dollars not just from individuals, but from an entire nation," Leissner said. But Goldman Sachs dismissed Leissner's cooperation. "Whatever personal and professional consequences Mr. Leissner may himself have experienced in recent years, those consequences are a natural and direct result of his brazen and audacious criminal conduct, not his cooperation," Goldman said.
