Goldman Sachs demands prison time for 1MDB fraudster Timothy Leissner

Goldman Sachs Urges Harsh Sentencing for Disgraced Ex-Partner in 1MDB Scandal

Goldman Sachs is calling for a severe punishment for Timothy Leissner, a former partner who was involved in a foreign bribery scandal that cost the investment banking giant billions of dollars in fines. Leissner, who pleaded guilty in 2018 for his role in bilking the Malaysia sovereign wealth fund, 1MDB, out of nearly $3 billion, is set to be sentenced next week.

In a letter to US District Court Judge Margo Brodie, Goldman’s top lawyer condemned Leissner for deceiving his colleagues and causing significant harm to the company’s reputation. Despite facing a maximum prison sentence of 25 years, Justice Department prosecutors are requesting leniency for Leissner due to his cooperation in the investigation.

Leissner’s involvement in the 1MDB scandal led to the conviction of his former colleague and resulted in Goldman Sachs paying a record $2.9 billion penalty. However, the bank has not received any repayment from Leissner, who has opposed efforts to claw back his compensation.

Leissner, who spearheaded bond deals for 1MDB, admitted to embezzling funds to bribe officials and finance lavish lifestyles. He also confessed to pocketing millions in kickbacks and deceiving colleagues and his then-wife, Kimora Lee Simmons.

While Justice Department prosecutors argue that Leissner’s cooperation warrants a time-served sentence, Goldman is pushing for a harsh punishment to hold him accountable for his actions. Leissner’s attorney has criticized Goldman’s stance, emphasizing his client’s efforts to expose corporate greed.

The sentencing for Leissner is scheduled for next week, and the outcome will determine the consequences he will face for his role in the 1MDB scandal. The Justice Department and Leissner’s attorney have yet to comment on the matter, while Goldman has declined to provide further statements.