Bankster Crime

Exposing Fraud in the Banking System

Former Co-Head Of Investment Banking At Goldman Asia Banned For Life By The Fed

Featured Story

This image has an empty alt attribute; its file name is Bankster-Logo-2.png

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. 

This image has an empty alt attribute; its file name is Bankster-Logo-2.png

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

StevieRay Hansen
Editor, Bankster Crime

This image has an empty alt attribute; its file name is Bankster-Logo-2.png

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


Don't Miss

Second ex Barclays banker convicted in London Euribor re-trial

By StevieRay Hansen

It is the love of money, and not money itself, that is the problem. The love of money is a sin because it gets in…

Read More

Michael Avenatti fraud case shines a light on bankers, lawyers and money in Biloxi

By StevieRay Hansen

Why is the love of money a root of all kinds of evil? To help us answer this, we must look at the passage in…

Read More

Wells Fargo is the smallest of the four giants that now dominate the U.S. commercial banking business

By StevieRay Hansen

But it has surpassed its larger counterparts in the extent to which it has been embroiled in a series of scandals involving reckless lending practices…

Read More

StevieRay Hansen

In his riveting memoir, "A Long Journey Home", StevieRay Hansen will lead you through his incredible journey from homeless kid to multimillionaire oilman willing to give a helping hand to other throwaway kids. Available on Amazon.

LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *