Kimora Lee Simmons titties as Tim Leissner, her estranged hubby-cum-Goldman Sachs bankster gets 2 years jail sentence over 1MDB Bribery Scandal

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Right after Edmond de ROTHSCHILD Bank Fined $28 million over 1MDB Stealing of Multibillion Sovereign Fund Scandal…

1MDB Sovereign Fund Embezzlement Scandal

Ex-Goldman Banker Sentenced to 2 Years in 1MDB Bribery Scandal

Tim Leissner had helped investigators track down stolen funds and testified against a former colleague

A disgraced former Goldman Sachs banker turned government cooperator was sentenced Thursday to two years in prison for his role in the looting of billions of dollars from a Malaysian sovereign-wealth fund in a global scandal that tarnished the Wall Street bank.

Tim Leissner pleaded guilty in 2018 to conspiring with another Goldman banker and a well-connected Malaysian financier, Jho Low, to bribe foreign government officials and secure lucrative business deals with 1Malaysia Development Bhd., a state-controlled economic-development company known as 1MDB.

Leissner cooperated with federal prosecutors and was the government’s star witness at the 2022 trial of his former Goldman colleague Roger Ng, walking jurors through an elaborate scheme that involved more than $3 billion in kickbacks and stolen funds.

Leissner, a onetime partner at Goldman, had asked to be spared prison time. He said in a letter to the judge ahead of his sentencing, which had been postponed more than 10 times, that his crimes cost him his career, marriage and time with his children. His actions were driven by career ambitions, he said.

“I needed to be the best, a hero on Wall Street,” Leissner’s letter said. “For a brief time, the 1MDB deals gave me that feeling. Then came my fall.”

The Brooklyn U.S. attorney’s office lauded Leissner for quickly agreeing to cooperate after his arrest in 2018 and asked the judge to impose a sentence below guidelines.

Prosecutors credited his testimony with helping to win a conviction of Ng, a former Goldman managing director who was sentenced to 10 years in prison for his role in the bribery scheme. Leissner has also helped track down some of the stolen money, which prosecutors said has placed him at risk of retaliation.

Leissner testified at Ng’s trial that the two worked with Low, the Malaysian financier, to secure Goldman’s role in raising $6.5 billion in bond offerings for 1MDB in 2012 and 2013. The scheme involved lying to others at Goldman and paying off high-level officials in Malaysia and Abu Dhabi, he said. Goldman earned more than $600 million in revenue and fees for the transactions, prosecutors said, and Leissner received $73.4 million in kickbacks.

Low remains at large.

Malaysia is seeking to extradite Leissner, The Wall Street Journal recently reported, and has since engaged with the Justice Department about its request, according to a person familiar with the matter. An Interpol red notice, which makes Leissner subject to arrest almost anywhere in the world, was issued last year.

In a filing ahead of his sentencing, Leissner’s defense team noted that he cooperated with investigators in Ng’s trial despite a bruising cross-examination that brought up his extramarital affairs and past lies.

Ng returned to Malaysia after his U.S. trial ended under an agreement between the two countries. He is speaking with Malaysian authorities as part of their investigations and has provided new information about Leissner’s and Goldman’s role in the scandal, the Journal reported. The Justice Department expects Malaysia will return Ng to the U.S. to serve out his sentence once Malaysian legal procedures involving him are completed.

The scandal was a black eye for Goldman. The bank paid more than $5 billion in penalties to the U.S. and Malaysia and took away compensation from some top executives. It also admitted that a subsidiary broke U.S. corruption laws. Its board called the matter an “institutional failure.”

Kathryn Ruemmler, Goldman’s chief legal officer, said in a letter to U.S. District Judge Margo Brodie ahead of the sentencing that Leissner has refused to acknowlebydge the harm he caused the bank and his former colleagues. His deception was at the center of these sophisticated crimes, and he didn’t deserve a break for assisting the government, she said.

“From Goldman’s perspective, Mr. Leissner’s efforts in this regard are deserving of sanction, not praise,” she said.

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