NEW YORK: Former Goldman Sachs banker Tim Leissner was sentenced to 2 years in jail by a choose in a New York court docket on Thursday (Could 29) after taking part in a key function in a multi-billion greenback 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 officers within the fund, former Malaysian Prime Minister Najib Razak, Goldman executives and others.
Leissner, a former Southeast Asia chairman for Goldman, pleaded responsible in 2018 to a conspiracy to violate the Overseas Corrupt Practices Act and taking part in a cash laundering conspiracy, all tied to his function within the 1MDB scandal.
Leissner’s conduct was “brazen and audacious”, choose Margo Brodie stated throughout sentencing. Whereas his cooperation with the federal government was taken into consideration, it didn’t make up for the hurt brought on by the corruption on the highest ranges in a number of international locations, the choose stated.
“At the beginning, I supply my honest apology to the individuals of Malaysia,” Leissner, 55, instructed the listening to, his voice breaking as he learn a press release. “I deeply remorse my actions.”
Goldman helped promote US$6.5 billion of bonds for 1MDB, which former Malaysian Prime Minister Najib arrange with the assistance of Low to advertise financial improvement.
A number of the funds have been diverted to offshore financial institution accounts and shell corporations linked to Malaysian financier Jho Low, who’s now a fugitive.
Leissner turned a US authorities witness within the case after his arrest in 2018. He was allowed to stay free after he agreed to assist the federal government within the investigation and testified in opposition to former banking colleague Roger Ng.
Ng has pleaded not responsible to expenses of conspiring to launder cash and violate an anti-bribery regulation. The previous head of funding banking for Goldman in Malaysia was convicted in Brooklyn and sentenced to 10 years in jail, however transported to Malaysia in 2023 to help probes there.
Leissner met with the federal government on dozens of events, reviewing numerous paperwork and communications he acquired associated to the 1MDB scheme and different issues, based on a submitting by prosecutors.
“We respect the court docket’s determination as we speak and Mr. Leissner is ready to serve his sentence and proceed his future life of excellent works and take care of his household,” stated his lawyer Henry Mazurek, a associate at Meister Seelig & Fein PLLC.
Prosecutors requested the court docket impose a sentence beneath the relevant pointers vary as a result of Leissner’s cooperation within the probe.
