Tim Leissner, the disgraced former Goldman Sachs exec at the heart of the jaw-dropping 1MDB scandal, just got hit with a two-year prison sentence — and it’s been a long time coming.
Leissner, who pleaded guilty way back in 2018, admitted he was deep in the scheme alongside fellow banker Roger Ng and flashy Malaysian financier Jho Low. Together, they helped funnel billions out of Malaysia’s sovereign wealth fund, 1MDB, in what’s considered one of the biggest financial frauds in modern history.
The sentence was handed down by U.S. District Judge Margo Brodie in Brooklyn federal court, capping off years of global investigations, government shakeups, and massive fines for Goldman Sachs. It’s another chapter closed in a scandal that rocked Wall Street — and Hollywood (yes, The Wolf of Wall Street was allegedly funded with stolen 1MDB money).
According to the NY Post The scandal, which helped fund extravagant spending sprees and even the production of the Hollywood hit “The Wolf of Wall Street,” also dragged Leissner’s personal life into the spotlight — most notably his high-profile marriage to his now-estranged fashion mogul wife Kimora Lee Simmons.
Leissner, a German-born former partner and chief of Southeast Asia operations at Goldman, admitted to lying to colleagues, creating fake email accounts and forging documents — including to deceive Simmons about his marital status.
Prosecutors said Leissner personally received more than $50 million in kickbacks as part of a scheme that saw over $2.7 billion embezzled from 1MDB.
The funds were allegedly used to bribe officials in Malaysia and Abu Dhabi, fund lavish lifestyles, and finance luxury assets like real estate, fine art and the Martin Scorsese-directed “Wolf of Wall Street.”
During Thursday’s hearing, Judge Brodie acknowledged Leissner’s cooperation with the government but said it didn’t excuse the enormous harm caused.
“In the end your cooperation did not completely make up for the harm and devastation that you knowingly caused,” she said.
Leissner, who had faced up to 25 years in prison, will report to begin his sentence on Sept. 15.
Leissner had asked to avoid prison altogether, saying in a letter to the court that his crimes had cost him his career, marriage, and time with his children.
“If I could turn back time, I would and I would do so without hesitation,” he said through tears at sentencing.
“Unfortunately, that is not possible.”
Federal prosecutors credited Leissner with providing critical testimony that helped convict his former colleague Ng, who received a 10-year sentence.
“There was no testing of the water here,” Assistant US Attorney Drew Rolle said. “It was fully jumping in.”
Despite his cooperation, Goldman Sachs urged the judge to impose a harsh sentence.
In a strongly worded letter, Goldman general counsel Kathryn Ruemmler wrote last week that Leissner “extensively lied to and deceived many people” and “has never acknowledged, let alone accepted responsibility for, the extraordinary harm and reputational damage that he caused.”
The bank, which paid over $5 billion in penalties related to 1MDB, also noted that Leissner has refused to repay $20.7 million in restitution ordered by a federal judge last year.
Leissner’s lawyer, Henry Mazurek, said his client has faced serious threats due to his cooperation, including break-ins, slashed tires, and threatening messages.
“He will always be looking over his shoulder for the rest of his life,” Mazurek told the court on Thursday.
Malaysia has issued an Interpol red notice for Leissner’s arrest and is seeking his extradition.
Meanwhile, Jho Low remains a fugitive.
