Hong Kong’s SFC imposes lifetime ban on ex-Goldman Sachs responsible officer Tim Leissner

Maria Nikolova

Tim Leissner has been banned from re-entering the industry for life in connection with his crimes relating to 1MDB.

Hong Kong’s Securities and Futures Commission (SFC) today announces that it has banned Tim Leissner, a former responsible officer of Goldman Sachs (Asia) L.L.C., from re-entering the industry for life in connection with his crimes relating to 1Malaysia Development Berhad (1MDB).

1MDB is an investment development company wholly-owned and controlled by the government of Malaysia. Leissner was responsible for Goldman Sach’s relationship with 1MDB, including the negotiation and execution of three bond transactions which Goldman Sachs arranged for 1MDB in 2012 and 2013.

In August 2018, Leissner pleaded guilty to criminal charges brought by the United States Department of Justice (US DOJ) against him for conspiring to commit money laundering and to violate the Foreign Corrupt Practices Act.

Leissner admitted, inter alia, that between 2009 and 2014, he conspired with others to: obtain and retain business from 1MDB for Goldman Sachs through the promise and payment of bribes and kickbacks to government officials in Malaysia and Abu Dhabi, embezzle funds from 1MDB for himself and others, and launder the bribes and kickbacks as well as other embezzled funds from 1MDB; and knowingly and wilfully circumvent the controls of Goldman Sachs.

The court in the United States found Leissner guilty of both offences and ordered him to forfeit US$43.7 million as a result of his crimes.

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.

Leissner was licensed under the Securities and Futures Ordinance to carry on Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activities and was accredited to Goldman Sachs (Asia) L.L.C. between 1 April 1998 and 24 February 2016. He is currently not licensed by the SFC.

In December 2018, Tim Leissner was banned by the Singaporean government for life from participating in any securities industry activity in Singapore as a result of his embroilment in the multi-billion dollar incident at 1MDB, representing the latest action by a government over the alleged crimes surrounding the Malaysian state investment fund.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<