Fed bans former Goldman bankers Leissner and Ng over 1MDB scandal
US Federal Reserve says Tim Leissner and Roger Ng co-ordinated bond offerings that allowed funds to be stolen from 1MDB
Washington — Former Goldman Sachs Group bankers Tim Leissner and Roger Ng were banned from the industry by the US Federal Reserve for their role in helping divert billions of dollars from the Malaysian state fund 1MDB. Leissner and Ng co-ordinated bond offerings that allowed funds to be stolen from 1MDB, the Fed said in a Tuesday statement. Some of the money was used to bribe government officials in Malaysia and Abu Dhabi, and criminals also used proceeds to pay for lavish lifestyles, according to regulator. Leissner, who agreed to the Fed’s permanent ban, was fined $1.42m, according to the statement. He has already pleaded guilty to charges brought by the US justice department, including conspiring to launder money. Ng, Leissner’s deputy at Goldman Sachs, was indicted on similar charges in October. In February, Malaysia said it would extradite Ng to the US after he had completed legal proceedings in local courts. A lawyer for Leissner declined to comment, while an attorney who has ...
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