Tim Leissner used to work as a banker for Goldman Sachs and got caught up in a huge scandal related to the Malaysian development fund called 1MDB.
In 2018, he admitted guilt for charges of money laundering and bribery and agreed to give up $43.7 million in cash and shares. He is married to Kimora Lee Simmons, a former supermodel and fashion designer.
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Where Did Tim Leissner Grow Up?
Tim Leissner was born on October 31, 1971, in Germany. He grew up in a wealthy family and did very well in school. He went to Siegen University and received a Bachelor of Arts degree. Later, he completed a Master of Business Administration from the University of Hartford and earned a Ph.D. from the University of Somerset.
When Did Tim Leissner Begin His Career in the Financial Industry?
Tim Leissner began his career in 1997 as the head of mergers and acquisitions at Lehman Brothers in Asia Pacific. He then joined Goldman Sachs in 2002 and became the chairman of their operations in Southeast Asia.
In his role, Tim Leissner was in charge of arranging loans amounting to $6.5 billion for 1MDB, a Malaysian government-owned fund meant for funding infrastructure projects. However, Leissner and his associates, including Malaysian financier Jho Low, misused billions of dollars from the fund for their personal gain.
They used the money to purchase luxury properties, yachts, and art, as well as pay bribes to officials. They also laundered the funds through U.S. banks. The scandal came to light in 2015 when the Wall Street Journal reported that $681 million from 1MDB had been transferred to the personal account of then-Malaysian Prime Minister Najib Razak.
Leissner left Goldman Sachs in 2016 and was later charged by U.S. authorities for violating anti-bribery laws and conspiring to launder money. In 2018, he pleaded guilty and agreed to cooperate with the investigation. As part of his plea, he forfeited $43.7 million in cash and shares of Celsius Holdings, a fitness drink company.
Tim Leissner’s sentencing on September 6:-
Roger Ng’s American proceedings took all but two months, not four years.
Tim Leissner’s sentencing on September 6.
So far no banker kena in Malaysia, in fact nobody except Najib kena so far. We must be some kind of special. pic.twitter.com/ybui6OgNU1
— bawalsakti™ (@bawalsakti) March 10, 2023
Goldman Sachs also faced legal action from the U.S. Department of Justice and the Malaysian government for its role in the scandal. The bank set aside $1.09 billion in 2019 to settle the allegations.
How Much is Tim Leissner Net Worth?
According to various sources, Tim Leissner’s net worth is estimated at around $25 million as of 2023. This is significantly lower than his peak net worth of over $200 million before the scandal. On the other hand, his wife’s net worth is around $50 million.
Tim Leissner’s net worth is likely affected by his legal troubles and cooperation with the authorities. He may face more fines or penalties in the future. He may also have to pay restitution to the victims of the fraud.
What is the Personal Life of Tim Leissner?
Tim Leissner married Kimora Lee Simmons in December 2013. She is his third wife, and he is her second husband. Kimora Lee Simmons is a former supermodel who launched her fashion line, Baby Phat, in 1999. She also has a reality TV show, Kimora: Life in the Fab Lane.
The couple has one son, Wolfe Lee Simmons, born in 2015. Leissner also has two stepdaughters, Ming Lee Simmons, and Aoki Lee Simmons, from Kimora’s previous marriage to hip-hop mogul Russell Simmons. He also has a daughter, Madison Leissner, from his first marriage.
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FAQs
How much is Tim Leissner’s net worth?
According to various sources, Tim Leissner’s net worth is estimated at around $25 million as of 2023. This is significantly lower than his peak net worth of over $200 million before the scandal.
When did Tim Leissner begin his career in the financial industry?
Tim Leissner started his career in 1997 as the head of mergers and acquisitions for Lehman Brothers in Asia Pacific. He joined Goldman Sachs in 2002 and later became the chairman of Southeast Asia operations.
What was Tim Leissner’s involvement in the 1MBD scandal?
Tim Leissner arranged $6.5 billion in loans for 1MDB, a Malaysian state-owned fund. However, he and his associates, including Malaysian financier Jho Low, misappropriated billions of dollars from the fund for personal use. They engaged in activities such as buying luxury properties, yachts, and art, paying bribes to officials, and laundering money through U.S. banks.
