Ex-Goldman Sachs Banker Sentenced 2 Years Over $4.5B 1MDB Bribery Scheme

Timothy Leissner, a former Goldman Sachs managing director, was sentenced to two years in federal prison for his central role in the massive bribery and money laundering scheme involving Malaysia's 1MDB sovereign wealth fund. Leissner admitted to bribing officials in Malaysia and Abu Dhabi to secure lucrative bond deals for Goldman Sachs, which helped raise $6.5 billion, of which over $4.5 billion was stolen and laundered through extravagant purchases including luxury real estate, yachts, and financing Hollywood films. Despite facing a maximum sentence of 25 years, prosecutors recommended leniency due to Leissner's extensive cooperation, including testifying against fellow Goldman banker Roger Ng, who received a 10-year sentence, and providing information leading to charges against Malaysian financier Jho Low, who remains at large. Leissner expressed remorse for his actions and apologized to the people of Malaysia, acknowledging the profound harm caused by the scheme that contributed to the fall of former Malaysian Prime Minister Najib Razak. Goldman Sachs faced criminal charges and paid $5 billion in penalties, marking the only criminal case filed against the firm in its history. Leissner's cooperation involved detailed disclosures and surrendering electronic devices, which significantly aided the U.S. Department of Justice's investigation.