BROWSE BY TOPIC
- Investments - Private
- Investments - Strategies
- Investments - Unsuitable
- Investor Protection
- Regulatory Sanctions
- Rules & Regulations
- Bad Advisors
- Bad Brokers
- Boiler Rooms
- Wall Street News
- Terminations/Cost Cutting
- Compliance Concepts
- General News
- Donald Trump & Co.
- Big Banks
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
All That’s Goldman Does Not Glitter
by Howard Haykin
That may change now that former Goldman Sachs managing director Tim Leissner agreed to forfeit $43.7 million in illicit payments that he received for his role in using a 3rd-party intermediary to bribe high-ranking foreign government officials in order to secure lucrative businesses for Goldman Sachs. The forfeiture was part of Leissner's settlement with the Securities and Exchange Commission (“SEC”), which also barred Leissner from the industry.
Two aspects of the settlement seem rather non-sensical: (i) Leissner will not incur any other monetary penalties beyond his $43.7 million forfeiture; and, (ii) the deal comes a long time after he pleaded guilty to federal prosecutors – in August 2018.
ACCORDING TO THE SEC COMPLAINT, … this matter relates to a massive corruption scheme perpetrated by Leissner while acting as a senior executive of Goldman Sachs. Leissner, in coordination with other Goldman Sachs senior executives, authorized and paid bribes and kickbacks to foreign officials in order to secure lucrative business for Goldman Sachs, which earned the investment bank at least $600 million.
The bribes spawned 3 bond offerings issued between 2009 and 2012 by 1Malaysia Development Berhad (1MDb) – a Malaysian state-owned investment fund created to pursue projects for the economic benefit of Malaysia. All told, $6.5 billion was raised in the Goldman 1MDb deals and, later on it was later discovered that up to $4.5 billion of that $6.5 billion had been disappeared - i.e., diverted or siphoned off.
[For details on the 1MDb Scandal, click on: BusinessInsider Article.]