An ex-Goldman Sachs banker is reportedly being sentenced to prison for his role in the massive $4.5 billion theft of the Malaysian State Investment Fund (1MBD).

According to a new report by NBC News, former Goldman Sachs employee Tim Leissner has been sentenced to two years behind bars for paying a part in the multibillion-dollar heist.

Prosecutors say that Leissner and others who worked for the banking giant aided Malaysia in raising $6.5 billion for the nation’s investment fund through bond sales. However, $4.5 billion of those funds were stolen, laundered via bribes and kickbacks, and used to purchase luxury goods and fund extravagant lifestyles.

The report says the scandal was far-reaching and led to the downfall of then-Malaysian Prime Minister Najib Razak in 2018, who was later convicted of crimes connected to the scheme and sentenced to 12 years in prison.

Leissner is due to report to prison on September 15th. He pleaded guilty in 2018 to bribing officials in Malaysia and Abu Dhabi.

Says Leissner,

“The funds raised more than a decade ago could have profoundly benefited the nation and its citizens. Instead, due to my greed – and the greed of those involved alongside me – they were misappropriated.

What we did was unequivocally wrong, and I take full responsibility for my role. I deeply regret my actions, and if I could turn back time, I would undo them without hesitation.”

Leissner’s sentence includes two years of supervised release after prison and a forfeiture of nearly $44 million.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

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A Nevada man has been sentenced to prison for defrauding the government of millions of dollars by stealing US Treasury checks and the identities of their rightful recipients.

The United States Attorney’s Office for the District of Utah says 41-year-old Kyle Eugene Duncan-Carle has been sentenced to 72 months in prison after he admitted to committing bank fraud.

Authorities say that between January and September 2023, Duncan-Carle stole US Treasury checks that were already made out to people or companies and stole their identities to open credit union accounts under their names. He subsequently deposited the checks to be able to withdraw the funds, according to prosecutors.

All in all, Duncan-Carle admitted to stealing at least eight Treasury checks totaling $7.97 million.

In the end, authorities say the victims, which include the US government, financial institutions and an insurance provider, sustained $3.49 million in losses.

Duncan-Carle’s sentence also includes five years of supervised release after his six-year stint behind bars and an order to pay restitution to his victims.

He was reportedly arrested in Lyon County, Nevada, last year and charged with bank fraud, aggravated identity theft and receipt of stolen government property.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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