Tim Leissner Archives - FCPA Professor

Ng Files Motion To Dismiss

By Mike Koehler on November 25, 2020 in Agency Issues, Deferred Prosecution Agreements, Due Process Issues, FCPA Trial, FCPA Trials, Goldman Sachs, Internal Controls, Internal Investigation Issues, Muzzle Clause, Roger Ng, Tim Leissner

As highlighted in this prior post, in November 2018 the DOJ criminally charged former Goldman Sachs executives Tim Leissner and Ng Chong Hwa (Roger Ng) (along with Low Taek Jho – Jho Low) with Foreign Corrupt Practices Act offenses for paying bribes to various Malaysian and Abu Dhabi officials in connection with 1Malaysia Development Berhad (1MDB), Malaysia’s state-owned and state-controlled investment development company.

Leissner pleaded guilty and in October Goldman Sachs resolved a net $1.66 billion FCPA enforcement action based on the same conduct. (See additional posts here and here).

Ng is mounting a defense and recently filed this motion to dismiss (an entire section of which is redacted). As highlighted below, Ng argues that the DOJ’s case against him suffers from several factual errors and legal deficiencies. Ng also suggests that the DOJ scripted Leissner’s guilty plea and that Goldman’s DPA was entered into for reasons of risk aversion and otherwise compromises his ability to defend himself.

Based On The Same Core Conduct Alleged In The 2018 Criminal Action, The SEC Also Brings Enforcement Action Against Former Goldman Executive Tim Leissner

By Mike Koehler on December 17, 2019 in 2019 Enforcement Actions, Goldman Sachs, SEC Enforcement Action, Tim Leissner

As highlighted in this prior post, in November 2018 the DOJ announced a Foreign Corrupt Practices Act and related enforcement action against Tim Leissner (the former Southeast Asia Chairman at Goldman Sachs) and others associated with Goldman Sachs for paying bribes to various Malaysian and Abu Dhabi officials in connection with 1Malaysia Development Berhad (1MDB), Malaysia’s state-owned and state-controlled investment development company.

Leissner pleaded guilty and was ordered to forfeit $43.7 million as a result of his crimes. As highlighted in this prior post, in March 2019 – based on the same core conduct – the Federal Reserve brought an enforcement action against Leissner in which he consented to a permanent ban from the banking industry and agreed to pay a $1.4 million fine.

Yesterday, the SEC returned to the same core action and announced an FCPA enforcement action against Leissner. The action was largely ceremonial as the SEC’s order requires Leissner to pay disgorgement of $43.7 million which will be offset by the amounts paid pursuant to the forfeiture order in the parallel criminal action.

Friday Roundup

By Mike Koehler on March 15, 2019 in Collateral Effects, Disgorgement, Federal Reserve, Goldman Sachs, Kokesh, Multimedia, Niko Resources, OECD, Roger Ng, SNC Lavalin, Statute of Limitations, Tim Leissner

Banking bar, Kokesh related, OECD shaming, quotable, downfall, and listening in. It’s all here in the FCPA roundup.

Banking Bar

The Federal Reserve recently 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.”

What Does This Mean For Goldman Sachs?

By Mike Koehler on November 2, 2018 in Goldman Sachs, Roger Ng, Tim Leissner

This post highlighted recent criminal charges against former Goldman Sachs employees Roger Ng and Tim Leissner for paying bribes to various Malaysian and Abu Dhabi officials in connection with 1Malaysia Development Berhad (1MDB), Malaysia’s state-owned and state-controlled investment development company.

The question thus arises: what does this mean for Goldman?

In both the Ng indictment and Leissner information the DOJ clearly asserts, on several occasions, respondeat superior allegations. In other words, that Ng and Leissner (as well as certain other unindicted co-conspirators at Goldman) were employees and agents of Goldman and while acting within the scope of their employment with the intent, to at least in part, benefit Goldman engaged in various conduct. Moreover, as a result of the conduct, the DOJ alleged that Goldman earned approximately $600 million in fees and revenue.

DOJ Announces FCPA And Related Enforcement Action Against Individuals Associated With Goldman Sachs In Connection With 1MDB Fund

By Mike Koehler on November 2, 2018 in 2018 Enforcement Actions, Abu Dhabi, Financial Services Industry, Goldman Sachs, Jho Low, Malaysia, Roger Ng, Tim Leissner

In arguably one of the most high-profile individual Foreign Corrupt Practices Act enforcement actions in recent years, the DOJ announced yesterday that Low Taek Jho (Jho Low), Ng Chong Hwa (Roger Ng – a former managing director at Goldman Sachs), and Tim Leissner (the former Southeast Asia Chairman at Goldman Sach and Participating Manager Director) were charged with FCPA offenses for paying bribes to various Malaysian and Abu Dhabi officials in connection with 1Malaysia Development Berhad (1MDB), Malaysia’s state-owned and state-controlled investment development company. The individuals were also charged with conspiring to launder billions of dollars embezzled from 1MDB.

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Ng Files Motion To Dismiss

Based On The Same Core Conduct Alleged In The 2018 Criminal Action, The SEC Also Brings Enforcement Action Against Former Goldman Executive Tim Leissner

Friday Roundup

What Does This Mean For Goldman Sachs?

DOJ Announces FCPA And Related Enforcement Action Against Individuals Associated With Goldman Sachs In Connection With 1MDB Fund

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