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SEC charges ex-Goldman Sachs exec for role in corruption scheme

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SEC charges ex-Goldman Sachs exec for role in corruption scheme

The Securities and Exchange Commission ordered former Goldman Sachs Group Inc. executive Tim Leissner to pay disgorgement of $43.7 million for engaging in a corruption scheme.

Leissner consented to the SEC's findings and has agreed to a settlement of the alleged violations of the Foreign Corrupt Practices Act, including a permanent bar from the securities industry.

The SEC order finds that starting 2012, as participating managing director of Goldman Sachs, Leissner used a third-party intermediary to bribe high-ranking government officials in Malaysia and the Emirate of Abu Dhabi through which he personally obtained over $43 million and secured lucrative government contracts for the company.

In particular, the bribes enabled Goldman Sachs to obtain business from a Malaysian government-owned investment fund, 1Malaysia Development Berhad, including underwriting $6.5 billion in bond offerings.