An ex-Goldman Sachs banker is reportedly being sentenced to prison for his role in the massive $4.5 billion theft of the Malaysian State Investment Fund (1MBD).
According to a new report by NBC News, former Goldman Sachs employee Tim Leissner has been sentenced to two years behind bars for paying a part in the multibillion-dollar heist.
Prosecutors say that Leissner and others who worked for the banking giant aided Malaysia in raising $6.5 billion for the nation’s investment fund through bond sales. However, $4.5 billion of those funds were stolen, laundered via bribes and kickbacks, and used to purchase luxury goods and fund extravagant lifestyles.
The report says the scandal was far-reaching and led to the downfall of then-Malaysian Prime Minister Najib Razak in 2018, who was later convicted of crimes connected to the scheme and sentenced to 12 years in prison.
Leissner is due to report to prison on September 15th. He pleaded guilty in 2018 to bribing officials in Malaysia and Abu Dhabi.
Says Leissner,
“The funds raised more than a decade ago could have profoundly benefited the nation and its citizens. Instead, due to my greed – and the greed of those involved alongside me – they were misappropriated.
What we did was unequivocally wrong, and I take full responsibility for my role. I deeply regret my actions, and if I could turn back time, I would undo them without hesitation.”
Leissner’s sentence includes two years of supervised release after prison and a forfeiture of nearly $44 million.
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The post Goldman Sachs Banker Sentenced to Prison for Role in $4,500,000,000 Ransack of Malaysia’s State Investment Fund: Report appeared first on The Daily Hodl.
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