Former Goldman Sachs partner Andrea Vella has been barred from the industry over his involvement in the Malaysian investment fund scandal known as 1Malaysia Development Berhad (1MDB), a press release from the Federal Reserve said Tuesday.
Vella, a former the Goldman Sachs’ co-head of investment banking for the Asia Pacific, was placed on leave in 2018 after he neglected to tell compliance about illicit activity in 1MDB bond offerings conducted by the bank in 2012 and 2013.
“Goldman arranged bond offerings in 2012 and 2013 for 1Malaysia Development Berhad (1MDB), Malaysia’s state-owned development and investment company. The consent order states that Vella failed to escalate Low Taek Jho’s involvement in the bond offerings. Low was a person of known concern to Goldman, and his involvement indicated heightened potential underwriting risks.
Low and two former Goldman employees, Tim Leissner and Roger Ng, have been criminally charged by the Department of Justice for participating in a scheme to divert proceeds of the bond offerings from 1MDB for their personal benefit and bribing certain government officials in Malaysia and Abu Dhabi,” the press release stated.
Bloomberg noted that Vella was able to negotiate with the Fed to leave the industry without admitting or denying wrongdoing.
A Goldman spokesperson said Vella exited the firm several days ago.
Receive a daily recap featuring a curated list of must-read stories.
The Fed’s release noted Vella was barred from the industry and “fined $1.42 million for his role in the scheme to divert bond proceeds.”
Goldman continues to negotiate with the Department of Justice on a settlement for its role in the 1MDB scheme, where Low had siphoned over $4.5 billion from the state-owned wealth fund from 2009 to 2015.
And what we have here is another example of how a top Goldman banker gets a slap on the wrist for one of the biggest frauds in history. Nevertheless, it also shows how these bankers were given mega deals thanks to kickbacks. Source: ZeroHedge
Editor, Bankster Crime
MY MISSION IS NOT TO CONVINCE YOU, ONLY TO INFORM YOU…
Fraud Banks Money Corruption Bankers
“Have I therefore become your enemy by telling you the truth?”
Tagged Under: Fraud,Banks,Money,Corruption,Bankers
Here’s the Bitcoin and Ethereum link that is likely to offer higher returns on these alts
When was the last time Altcoin Market Cap turned its old 2014 highs into support? With ETH’s price rally above $3200 level, altcoins have started rallying again.…Read More
Luongo: Cryptos “Are The Right Tool To Call Bull$hit On Central Banks”
Bitcoin: It’s Not A “Real” Truck I just bought a new truck. My 2013 Ford Focus (with requisite 5 speed Millennial Anti-Theft Device) couldn’t keep…Read More
Tron, Chainlink, VeChain Price Analysis: 30 April
Source: Pixabay The altcoin market has been dealing with a sudden shift in volatility throughout the month of April. With Bitcoin bringing in bearish drops and Ethereum…Read More
Cryptocurrencies Are the Next Frontier for the Surveillance State
Countries are launching digital currencies to rival Bitcoin—and opening up new ways to snoop on their citizens in the process. ILLUSTRATION BY DANIEL ZENDER At…Read More
Dollar Drop, Crypto Pop Reflects “Crazy People” Running The System
The last few months have seen the dollar dive and crypto thrive… Source: Bloomberg And the last few days have been no different… Source: Bloomberg…Read More
Will Crypto Weakness Push Silver Higher
Crypto down! Silver up? We think a growing forward trend is a combination of pressure on crypto currencies, particularly Bitcoin (Ethereum has software applications that…Read More
JP Morgan Launches Bitcoin Fund For Rich Clients After Years Of Bashing Crypto
Ever since JP Morgan CEO Jamie Dimon first denounced bitcoin waaaaay back during the heady crypto-rally of 2017 (shortly before we revealed that JP Morgan’s asset-management…Read More
How to Sell Bitcoin?
How to sell Bitcoin? If you have bought or received Bitcoin in other ways, you’re probably wondering how to change it to cash. Good news!…Read More
Tron, Synthetix, STEEM, FTX Token Price Analysis
By Saif Naqvi As market leaders Bitcoin and Ethereum moved deeper into the bearish zone, other altcoins registered losses and scrambled to find support at various levels. Tron hovered…Read More
I Bought The Bitcoin Dip”…Now What?
What is Cryptocurrency? It is a form of digital money, in short. For the long answer, keep reading our “What is cryptocurrency” guide. More and…Read More
Leave a Comment