Archive · 30 May 2025
Ex-Goldman Sachs Banker Sentenced in 1MDB Scandal
Imagine a bank helped a country raise money, but then some of that money, over $4 billion, went missing.
A banker named Tim Leissner helped with this scheme, taking the money and using it for things like fancy parties and even a movie.
He was caught and now has to go to prison for two years.
He feels bad and said he was greedy.
The missing money was supposed to help the country, but instead, it was stolen.
Another banker, Roger Ng, was also involved.
Leissner also has to pay back a lot of money he stole.
The scandal caused big problems for the Malaysian government and is still having consequences.
Tim Leissner, former Goldman Sachs banker, received a two-year prison sentence for his role in a $4.5 billion scheme.
Leissner admitted to helping launder funds stolen from the 1MDB fund through bribes and kickbacks.
The funds were raised by Goldman Sachs via bond sales and laundered through extravagant purchases.
Leissner apologized and expressed remorse, taking responsibility for his actions.
Leissner cooperated with prosecutors, and is due to report to prison September 15.
- Who
- Tim Leissner, a former Goldman Sachs banker.
- What
- Former Goldman Sachs banker Tim Leissner was sentenced to two years in prison for his role in a $4.5 billion scheme to steal from a Malaysian state investment fund.
- When
- Thursday, May 30, 2024
- Where
- Brooklyn federal court
- Why
- Leissner and others helped launder funds stolen from a Malaysian investment fund via bribes and kickbacks.
Defense
Prosecutors
Responsibility for the 1MDB Scandal
Defense
Leissner was a scapegoat and that the larger responsibility rested with others at Goldman Sachs.
Prosecutors
Leissner and others at Goldman Sachs were responsible for a large-scale theft from the Malaysian investment fund 1MDB.
- Leissner's Sentence
- 2 years
- Funds Stolen
- $4.5 billion
- Funds Raised
- $6.5 billion
- Malaysian Investment Fund
- 1MDB (1Malaysia Development Berhad)
- Bribes Paid In
- Malaysia and Abu Dhabi
- Bank Involved
- Goldman Sachs
- Leissner Report Date
- September 15