The Federal Reserve ban Tim Leissner and Ng Chong Hwa from the banking industry

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The two former Goldman Sachs bankers have been banned from the banking industry for their involvement in scheme to illegally divert and misappropriate billions of dollars from a Malaysian sovereign wealth fund. Mr Leissner pled guilty to a multibillion-dollar bribery and money-laundering scandal last August including misappropriation of $2.7bn raised by Goldman Sachs. Mr Ng was indicted on similar cases and is currently awaiting extradition from Malaysia. Goldman Sachs is also being sued in Malaysia. The CEO David Solomon has apologised and insists the bank was not complicit in scandal.

 The Financial Times, Laura Noonan, March 12th 2019