Early life and education
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Tim Leissner was born in Germany.
Tim Leissner | |
|---|---|
| Born | October 31, 1971 |
| Nationality | American |
| Occupation | Investment banker |
| Known for | 1MDB Fraud |
| Title | Chairman of Southeast Asia and Managing Director of Goldman Sachs |
| Spouse | Kimora Lee Simmons |
| Children | 2 |
Tim Leissner (born October 31, 1971) is a German-born investment banker and a former managing director at Goldman Sachs and chairman of the bank's Southeast Asia division. [1] Leissner helped orchestrate the 1Malaysia Development Berhad scandal, one of the biggest financial scandals in history, in which billions of dollars were stolen. He was arrested in June 2018 in Washington, D.C., forced to pay a $43 million fine. As of 2020 he faced up to 25 years in prison but due to his cooperation has avoided spending any time in jail.
| | This section needs expansion. You can help by adding to it. (March 2024) |
Tim Leissner was born in Germany.
Leissner was employed by Goldman Sachs from 1998 to 2016 as investment banker and managing director at Goldman Sachs and became chairman of the bank's Southeast Asia division. [1] He retired in January 2016 after an internal review found he sent a fake letter to Banque Havilland on behalf of Jho Low.[ citation needed ] He was arrested in June 2018 in Washington, D.C. In 2018 he pled guilty to charges he personally stole $200 million from a Malaysian sovereign wealth fund 1 Malaysia Development Berhad (1MDB) and that he broke the Foreign Corrupt Practices Act (FCPA) by paying bribes to corrupt Malaysian and Emirati offices to get Goldman Sachs business. [2] [3]
Leissner was banned for life by the Securities and Exchange Commission and forced to pay a $43 million fine. As of 2020 he faced up to 25 years in prison. [4] [5] but due to his cooperation has avoided spending any time in jail. [6]
In 2020 Goldman paid a record fine (over $5 billion) to the Malaysian and U.S. authorities over the scandal. [7] [8] In 2022, Bloomberg called Leissner "Goldman's most notorious banker." [9] He testified against his former deputy Roger Ng in a 2022 trial. [10]
In 2014, Leissner married Kimora Lee Simmons. They have one child together, a son, born in 2015. [11] [12] [13] In February 2022, it was revealed that Leissner and Simmons were estranged from each other, though it is not exactly clear when the couple split. [14]
At the time Leissner married Simmons, he was still married to his ex-wife, Judy Chan. Leissner gave Simmons photoshopped documents showing that he was divorced from Chan, and created an email address in Chan's name to convince Simmons that the couple had divorced. He continued the correspondence for over a year and continued using the email account for several years. [15]
Leissner is portrayed in the book Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World by Tom Wright and Bradley Hope of The Wall Street Journal, which focuses on Jho Low, the purported mastermind behind the 1MDB scheme. The book was published in September 2018.
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1Malaysia Development Berhad is an insolvent Malaysian strategic development company, wholly owned by the Minister of Finance (Incorporated).
According to a 2013 public survey in Malaysia by Transparency International, a majority of the surveyed households perceived Malaysian political parties to be highly corrupt. A quarter of the surveyed households consider the government's efforts in the fight against corruption to be ineffective. Corruption in Malaysia generally involves political connections still playing an important role in the outcome of public tenders.
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The 1Malaysia Development Berhad scandal, often referred to as the 1MDB scandal or just 1MDB, is an ongoing corruption, bribery and money laundering conspiracy in which the Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB) was systematically embezzled, with assets diverted globally by the perpetrators of the scheme. Although it began 2009 in Malaysia, the scandal's global scope implicated institutions and individuals in politics, banking, and entertainment, and led to criminal investigations in a number of nations. The 1MDB scandal has been described as "one of the world's greatest financial scandals" and declared by the United States Department of Justice as the "largest kleptocracy case to date" in 2016.
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Low Taek Jho, often called Jho Low, is a Malaysian businessman and international fugitive, wanted by authorities in connection with the 1Malaysia Development Berhad scandal. He has been named the mastermind of the massive fraud, which prosecutors allege was a scheme to siphon US$4.5 billion from 1MDB into Low's personal accounts. He is the beneficiary of numerous discretionary trust assets said by the US government to originate from payments out of the Malaysian 1MDB fund. Low has maintained his innocence and contends that Malaysian authorities are engaging in a campaign of harassment and political persecution due to his prior support of former Prime Minister Najib Razak, whose part in the 1MDB scandal had led to Najib being convicted on seven counts of abuse of power, money laundering and criminal breach of trust.
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Events in the year 2022 in Malaysia.
The 1Malaysia Development Berhad scandal is an ongoing political scandal in Malaysia, in which then-Prime Minister Najib Razak was accused of channeling over RM 2.67 billion into his personal bank accounts from 1Malaysia Development Berhad (1MDB), a government-run strategic development company. 1MDB was overseen by Najib as head of its advisory board. Following repeated calls for resignation by the public, Najib lost power in the 2018 Malaysian general election, and is currently on trial along with several key figures involved.
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