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Fed bans 2 ex-Goldman Sachs bankers over alleged role in 1MDB scandal

The Federal Reserve Board issued an order permanently banning former Goldman Sachs Group Inc. bankers Tim Leissner and Roger Ng from the banking industry due to their alleged participation in the 1Malaysia Development Bhd. scandal.

Leissner was also ordered to pay more than $1.4 million in civil penalties.

Leissner previously pleaded guilty to charges of conspiracy to commit money laundering, paying bribes to Malaysian and Abu Dhabi officials and circumventing Goldman Sachs' internal accounting controls. The Malaysian government has also charged him over his alleged role in the scandal.

The U.S. Department of Justice charged Ng with conspiracy to launder billions of dollars embezzled from 1MDB and paying bribes to Malaysian and Abu Dhabi officials in November 2018. He was also charged with evading the investment banking giant's internal accounting controls. A month later, the Malaysian government also charged Ng with allegedly providing misleading statements related to the sale of bonds that raised $6.5 billion for 1MDB.