BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Wall Street News
- Investments - Private
- Rules & Regulations
- Bad Advisors
- Boiler Rooms
- Terminations/Cost Cutting
- General News
- Donald Trump & Co.
- Big Banks
- Regulatory Sanctions
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
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).]