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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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- $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
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NEWSLETTERS & ALERTS
Goldman Sachs to Pay $2.5Bn to Make 1MDB Scandal Go Away
by Howard Haykin
On Friday, Goldman Sachs and Malaysian government prosecutors reached a $3.9 billion settlement. Goldman will pay $2.5 billion and cover any shortfall from the sale of $1.4 billion in assets that were seized by the government of Malaysia. In exchange, Malaysia will drop all criminal and regulatory proceedings involving Goldman Sachs and certain current and former directors. Among the assets up for sale: a $250Mn yacht, several hotels in the United States, a $35Mn jet, and an Oscar that once belonged to Marlon Brando.
Goldman Sachs will now try and reach a settlement with the U.S. Department of Justice, which threatens to charge the firm and certain of its units with violating U.S. Antibribery Laws in connection with the 1MDB offerings. The DOJ reportedly seeks a $2 billion fine and a guilty plea. Goldman Sachs hopes that, in response to Friday’s settlement, the DOJ will drop the criminal charges and reduce the size of any fine.
Last December, 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.
[For details on the SEC Settlement with former Goldman MD Tim Leissner, click on ... Financialish (All That's Goldman Does Not Glitter).]
[For a chronology of the 1MDB Scandal, click on … BusinessInsider (Aug 2019).]