Former Goldman Sachs banker Tim Leissner was sentenced to two years in prison by a New York court on Thursday after being implicated in a multi-billion dollar scandal involving Malaysian sovereign wealth fund 1MDB.
Malaysian and US authorities estimate that about $4.5 billion was siphoned off from 1MDB through a complex global scheme involving senior fund officials, former Prime Minister Datuk Seri Najib Razak, Goldman Sachs executives and several others.
Tim Leissner, the former chairman of Goldman Sachs Southeast Asia, pleaded guilty in 2018 to conspiracy to violate the Foreign Corrupt Practices Act (FCPA) and money laundering, all related to his role in the mega-1MDB scandal.
Judge Margo Brodie described his conduct as “brazen” and audacious, saying Leissner’s cooperation with the government could not undo the enormous damage caused by high-profile corruption in multiple countries.
In his speech, he managed to apologize to the Malaysian people and regret all his actions throughout his role in the 1MDB money laundering conspiracy.
Goldman Sachs acted as an advisor in the sale of $6.5 billion in bonds on behalf of 1MDB, a fund established by former Prime Minister Datuk Seri Najib Razak with the help of businessman Jho Low for the purpose of national development.
However, investigations found that most of the funds were channeled to offshore accounts and shell companies linked to Jho Low who are still being sought by international authorities.
