The Securities and Futures Commission has banned an ex-Goldman Sachs banker from working in the financial services industry for life.
Tim Leissner was handed the ban for his role in the scandal surrounding 1Malaysia Development Berhad (1MDB).
The ex-Goldman Sachs executive managed the relationship between the investment bank and 1MDB.
Based in Malaysia, 1MDB issued three bonds from 2012 to 2013.
The company allegedly stole $3 billion in funds from those bond sales. The money was then invested in a mixture of assets, including Hollywood movies and property.
A US court found that between 2009 to 2014, Leissner conspired with others to obtain and retain business from 1MDB by paying bribes to government officials in Malaysia and Abu Dhabi. The investment banker then helped those officials to launder the money that they received.
He also embezzled funds from 1MDB for himself and others.
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Soon to be behind bars
After pleading guilty to those charges in August of last year, Leissner is now facing over a decade in prison. A US court also ordered the former banker to repay $43.7 million.
The SFC took all of this into account when making its decision.
“The SFC considers that Leissner’s conduct demonstrates a serious lack of honesty and integrity and called into question his fitness and properness to be a licensed person,” said the regulator in a statement.
Leissner was connected to Hong Kong as, way back in 1998, he was granted a license by the SFC to provide advice on securities trading and corporate finance. The Hong Kong regulator also approved him to work in the asset management industry.
Those approvals were rescinded in 2016, the same year that the Monetary Authority of Singapore banned Leissner from working in the financial services industry for ten years.