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Tim Leissner

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Tim Leissner
Born (1971-10-31) October 31, 1971 (age 53)
NationalityAmerican
OccupationInvestment banker
Known for1MDB Fraud
TitleChairman of Southeast Asia and Managing Director of Goldman Sachs
SpouseKimora Lee Simmons
Children2

Tim Leissner (born October 31, 1971) is a German-born investment banker and convicted felon. As managing director at Goldman Sachs and chairman of the bank's Southeast Asia division[1] Leissner helped orchestrate the 1Malaysia Development Berhad scandal, one of the biggest financial scandals in history, in which billions of dollars were stolen. He was arrested in June 2018 in Washington, D.C., forced to pay a $43 million fine. As of 2020 he faced up to 25 years in prison but due to his cooperation has avoided spending any time in jail.

Early life and education

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Tim Leissner was born in Germany as son of a Volkswagen executive, he studied at the University of Siegen. In 1992, he earned an MBA from the University of Hartford in Connecticut.[2]

Career

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See also: 1Malaysia Development Berhad scandal

From 1998 to 2016 Leissner was employed by Goldman Sachs as investment banker. He became partner in 2006 and in 2014 chairman of the bank's Southeast Asia division.[2] He retired in January 2016 after an internal review found he sent a fake letter to Banque Havilland on behalf of Jho Low.[citation needed]

He was arrested in June 2018 in Washington, D.C.. In 2018 he pled guilty to charges he personally stole $200 million from a Malaysian sovereign wealth fund 1 Malaysia Development Berhad (1MDB) and that he broke the Foreign Corrupt Practices Act (FCPA) by paying bribes to corrupt Malaysian and Emirati offices to get Goldman Sachs business.[3][4]

Leissner was banned for life by the Securities and Exchange Commission and forced to pay a $43 million fine. As of 2020 he faced up to 25 years in prison.[5][6] but due to his cooperation has avoided spending any time in jail.[7]

In 2020 Goldman paid a record fine (over $5 billion) to the Malaysian and U.S. authorities over the scandal.[8][9] In 2022, Bloomberg called Leissner "Goldman's most notorious banker."[10] He testified against his former deputy Roger Ng in a 2022 trial.[11] As of 2022, Leissner has been free on bail of $20 million.[2]

Personal life

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In 2014, Leissner married Kimora Lee Simmons. They have one child together, a son, born in 2015.[12][13][14] In February 2022, it was revealed that Leissner and Simmons were estranged from each other, though it is not exactly clear when the couple split.[15]

At the time Leissner married Simmons, he was still married to his ex-wife, Judy Chan. Leissner gave Simmons photoshopped documents showing that he was divorced from Chan, and created an email address in Chan's name to convince Simmons that the couple had divorced. He continued the correspondence for over a year and continued using the email account for several years.[16]

Reception

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Leissner is portrayed in the book Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World by Tom Wright and Bradley Hope of The Wall Street Journal, which focuses on Jho Low, the purported mastermind behind the 1MDB scheme. The book was published in September 2018.

References

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  1. ^ "SEC.gov | SEC Charges Former Goldman Sachs Executive With FCPA Violations". www.sec.gov. Retrieved 2021-05-17.
  2. ^ a b c "Deutscher Ex-Goldman-Banker wird Kronzeuge im 1MDB-Prozess". WirtschaftsWoche. 14 February 2022. Retrieved 2024-11-03.
  3. ^ Crow, David (December 2018). "Tim Leissner: Goldman Sachs banker at the heart of 1MDB scandal". Financial Times.
  4. ^ Goldstein, Matthew (2019-12-16). "Ex-Goldman Sachs Partner Barred by S.E.C. Over 1MDB Scandal". The New York Times. ISSN 0362-4331. Retrieved 2021-05-17.
  5. ^ Hale, Kori. "Goldman Sachs Takes A $1 Billion Hit Due To Ex-Hip Hop Banker". Forbes. Retrieved 2021-05-17.
  6. ^ Hale, Kori. "Goldman Sachs Pays $3.1 Billion In 1MDB Scandal, Leaves Ex-Hip Hop Banker Behind". Forbes. Retrieved 2021-05-17.
  7. ^ Goldstein, Matthew (2022-04-08). "Ex-Goldman Sachs Banker Convicted for His Role in a $4 Billion Fraud". The New York Times. ISSN 0362-4331. Retrieved 2024-03-16.
  8. ^ Goldstein, Matthew (2020-10-20). "Goldman Sachs Is Said to Admit Mistakes in 1MDB Scandal". The New York Times. ISSN 0362-4331. Retrieved 2021-05-17.
  9. ^ Goldstein, Matthew; Flitter, Emily; Kelly, Kate (2019-01-16). "Goldman Sachs's Tactic in Malaysian Fraud Case: Smear an Ex-Partner". The New York Times. ISSN 0362-4331. Retrieved 2021-05-17.
  10. ^ Hurtado, Patricia (February 14, 2022). "Goldman's Most Notorious Banker Turns Star Witness in 1MDB Trial". Bloomberg.
  11. ^ Bobby Caina Calvan (2023-03-09). "Ex-Goldman Sachs banker sentenced to 10 years in prison in 1MDB fraud". PBS. Retrieved 2024-03-16.
  12. ^ "Kimora Lee Simmons has married Tim Leissner, Russell Simmons says". Los Angeles Times. February 20, 2014. Retrieved November 30, 2019.
  13. ^ "Kimora Lee Simmons Welcomes Son Wolfe". people.com. Retrieved 2016-02-21.
  14. ^ Crow, David; Noonan, Laura (December 23, 2018). "Tim Leissner: Goldman Sachs banker at the heart of 1MDB scandal". Financial Times.
  15. ^ "Kimora Lee Simmons' estranged husband testifies he photoshopped divorce papers to marry her". news.yahoo.com. February 28, 2022. Retrieved 2023-02-21.
  16. ^ Hurtado, Patricia (March 9, 2022). "Ex-Goldman Banker Faked His Ex-Wife's Email to Spin Web of Lies". Bloomberg.
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