A former Goldman Sachs banker, Tim Leissner, is heading to prison for his part in a massive theft from Malaysia’s state investment fund, 1MDB.
Two Years Behind Bars
Leissner was sentenced to two years in prison for his role in the $4.5 billion heist. Prosecutors say he and others helped Malaysia raise $6.5 billion through bond sales, but a shocking $4.5 billion was stolen. This money was laundered through bribes and kickbacks, then used to fund lavish lifestyles and luxury purchases.
A Scandalous Downfall
This massive scandal had far-reaching consequences, leading to the downfall of Malaysian Prime Minister Najib Razak in 2018. Razak was later convicted and sentenced to 12 years in prison for his involvement. Leissner will begin his sentence on September 15th. He pleaded guilty in 2018 to bribery charges in Malaysia and Abu Dhabi.
Leissner’s Regret
Leissner expressed remorse, stating, “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.”
The Aftermath
In addition to his prison sentence, Leissner faces two years of supervised release and must forfeit nearly $44 million.
