US regulators bar ex-Goldman banker over 1MDB bribery
AFP
-December 17, 2019 7:19 AM
Former Goldman Sachs executive Tim Leissner. (Bloomberg pic)NEW YORK: US regulators say they have permanently barred a former Goldman Sachs executive from the securities industry over bribery in the 1MDB scandal.
The settlement comes more than a year after Tim Leissner admitted to bribery and money laundering conspiracy charges related to the case, which rocked the Malaysian political scene and the giant Wall Street bank.
Leissner used third-party intermediaries to bribe high-ranking officials in Malaysia and Abu Dhabi so that Goldman could win lucrative business from 1MDB, according to the US Securities and Exchange Commission (SEC).
“Leissner abused his leadership role at Goldman Sachs by engaging in a massive bribery scheme targeting the highest levels of two foreign governments in order to bring in lucrative business to the firm and enrich himself,” Charles Cain, head of the SEC’s foreign bribery unit, said in a statement.
As part of the settlement Leissner will also surrender US$43.7 million in ill-gotten gains, according to the SEC, though this will be offset by payments as part of a forfeiture settlement reached last year with the Department of Justice.
Following his guilty plea in August, Leissner is scheduled to face sentencing on June 11 in a federal court in Brooklyn, New York.
