Business News: Federal Reserve Board permanently bars two former employees of Goldman Sachs, Tim Leissner and Ng Chong Hwa, from the banking industry

12Mar - by Editor - 0 - In STL.News

WASHINGTON (STL.News) – The Federal Reserve Board on Tuesday announced that it is prohibiting Tim Leissner and Ng Chong Hwa, also known as Roger Ng, from the banking industry for their participation in a scheme to illegally divert billions of dollars from a Malaysian sovereign wealth fund.  Leissner was also fined $1.42 million and consented to the permanent ban.

Leissner and Ng, former senior investment bankers employed by foreign subsidiaries of The Goldman Sachs Group, Inc., coordinated bond offerings arranged by Goldman for 1Malaysia Development Berhad (1MDB) in 2012 and 2013. 

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