The Federal Reserve permanently banned former Goldman Sachs Group Inc. banker Andrea Vella from the industry over his alleged involvement in the 1MDB scandal as the fallout reaches higher into the firm’s ranks.
Vella agreed to the Fed’s order without admitting or denying wrongdoing, and he’s scheduled to leave Goldman, according to a person briefed on the matter. The 1MDB conspiracy, in which a global cast of characters is accused of looting billions of dollars from the Malaysian government, has been the biggest scandal in almost a decade for Goldman Sachs, which is still in talks to settle regulatory and Justice Department inquiries.
The Fed said Vella “engaged in unsafe and unsound practices” by failing to ensure that all of Goldman’s internal committees were aware that the 1MDB deal involved Jho Low, a Malaysian financier who allegedly used stolen funds to bankroll a Hollywood movie, buy real estate and support his lavish lifestyle. Goldman knew Low was a “person of concern” and his involvement “heightened potential underwriting risks,” the Fed said in its order dated Jan. 31.
Before Vella’s downfall, he had been Goldman’s top dealmaker in Hong Kong, helping structure 1MDB’s fundraising and then playing a key role in the firm’s initial review of what went wrong. He had been one of two executives overseeing investment banking for all of Asia except Japan.Goldman has previously blamed Leissner for concealing his wrongdoing from the firm’s compliance efforts, while he countered that the bank’s culture of secrecy led him to bypass compliance.
Source: News Formal (newsformal.com)
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