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US settles with ex-Goldman Sachs banker Tim Leissner over Malaysia’s 1MDB scandal
- Former executive barred from securities industry for helping facilitate high-level bribery scheme
- Leissner also required to give up ill-gotten gains of US$43.7 million
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The US Securities and Exchange Commission (SEC) has settled foreign corruption charges against former Goldman Sachs executive Tim Leissner for his involvement in Malaysia’s multibillion-dollar 1MDB corruption scandal, the agency said on Monday.
The SEC has permanently barred Leissner from the securities industry for violating the Foreign Corrupt Practices Act (FCPA) by allegedly receiving more than US$43 million in illicit payments for helping to facilitate a bribery scheme involving high-ranking government officials in Malaysia and Abu Dhabi.
As part of the settlement, Leissner consented to the SEC’s order that he violated anti-bribery, internal accounting controls, and books and records provisions of the federal securities laws.
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The settlement also requires Leissner to give up ill-gotten gains of US$43.7 million.
That amount will be offset by money paid as part of an action by the US Department of Justice, which in November 2018 filed criminal charges against Leissner and fellow former Goldman banker Roger Ng.
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