Starting in Malaysia, a scandal involving the 1MDB fund set up by Prime Minister Najib Razak now involves at least 10 countries, including the U.S. This animation shows how money allegedly misappropriated from 1MDB moved through global wealth centers before being used to buy real estate, art, and other assets around the world, including in New York and Beverly Hills. Illustration: Oliver Osborne for The Wall Street Journal.
U.S. Investigating Deutsche Bank’s Dealings With Malaysian Fund 1MDB
Justice Department looking into whether German bank violated foreign corruption or anti-money-laundering laws
The sprawling, multibillion-dollar Malaysian development fraud scandal that has toppled a prime minister and stretched from Hollywood to Wall Street is threatening to implicate another major global financial institution: Deutsche Bank AG.
Deutsche Bank Is Done Watching Goldman Sachs Hog The Spotlight On The 1MDB Scandal
It’s literally always Deutsche Bank, even when it’s somebody else’s huge mess…
The sprawling, multibillion-dollar Malaysian development fraud scandal that has toppled a prime minister and stretched from Hollywood to Wall Street is threatening to implicate another major global financial institution: Deutsche Bank AG.
The U.S. Justice Department is investigating whether the German lender violated foreign corruption or anti-money-laundering laws in its work for the 1Malaysia Development Bhd. fund, which included helping the fund raise $1.2 billion in 2014 as concerns about the fund’s management and financials had begun to circulate, according to people familiar with the matter.
Remember when 1MDB was Goldman’s thing?
And how DJ D-Sol had to wrestle with Uncle Lloyd’s legacy fuck up? Well, funny story:
The investigation into Deutsche Bank has been helped in part by a former Goldman Sachs Group Inc. executive, Tim Leissner, who is cooperating with authorities, according to the people familiar with the matter.
And it gets even “better…”
Prosecutors are focused, in particular, on the role of one of Mr. Leissner’s former colleagues, Tan Boon-Kee, who worked with Mr. Leissner on 1MDB-related business. She then left Goldman to become Asia Pacific head of banking for financial-institutions clients at Deutsche Bank, where she was involved with further 1MDB dealings, according to the people familiar with the matter. She was interviewed by Singaporean authorities last year, said a person familiar with the matter.
Ms. Tan left Deutsche Bank last year, after the bank discovered communications between her and Jho Low, the Malaysian financier described by the Justice Department as the central player in the 1MDB scandal, according to a person familiar with her exit. Neither she nor the bank have commented publicly about the reason for her departure.
But Deutsche Bank, too, played a large role in a variety of transactions related to 1MDB. In the most recent version of the Justice Department’s civil asset-forfeiture complaint, in which it details the 1MDB scheme at length, Deutsche Bank is mentioned 167 times. Goldman Sachs is mentioned 56 times.
Well, as the Deutsche Bank creed states:
“I’ll be all around in the dark corners of finance – I’ll be everywhere. Wherever you can look – wherever there’s a bad loan, so insolvent billionaires can eat, I’ll be there. Wherever there’s a cop beatin’ up a sex criminal, I’ll be there clearing trades for the pervert. I’ll be in the way guys yell when they’re getting laid off by the tens of thousands, and when the people are revolting at Wall Street and the stuff we do and finin’ us for doing everyone’s money laundering – I’ll be there, too.”
Ten Buck Bandit: Lawyer Silvia Mintz Files Fraudulent Legal Docs in Harris County Real Property Records
This article will be updated once the foreclosure trustee deed is (or isn’t) posted in real property records.
Eva Morales Sued by DBNTCO and Endures Bottom Feeder Foreclosure Mill Legal Shenanigans
LIT let this latest case percolate in the draft section and what happened on May 2, 2024 was expected, the case would be nonsuited by DBNTCO.
Priority Mail: USPS Consistently Loses Time Sensitive Federal Court Filings for Weeks, Not Days
The excessive delays are when legal mailings are sent from Kingwood to the federal court mailing address in Houston, Texas from Joanna Burke.
The 1MDB scandal centers on a Malaysian government-run company formed for the purpose of driving strategic initiatives for long-term economic development. It is alleged that Malaysia’s Prime Minister, Najib Tun Razak and others transferred over RM 19.25 billion (approximately $4.5 billion) from 1MDB to numerous personal bank accounts.
Utilizing their expertise in financial securities law, asset recovery, and class action lawsuits, Ajamie and Burke discuss allegations of fraud and corruption involving 1MDB, with a particular focus on 1MDB’s dealings with Goldman Sachs and the $3 billion in bonds issued by the financial organization in 2013. In addition, Ajamie and Burke discuss the connection between 1MDB and the film, “The Wolf of Wall Street,” as well as a recent settlement reached between 1MDB and the government of Abu Dhabi worth $1.2 billion.
The FBI has initiated investigations into 1MDB’s money laundering accusations, including the role played by U.S. financial organization Goldman Sachs in the facilitation of these alleged acts.
According to its public filings, 1MDB is roughly RM 42 billion (approximately $11.73 billion) in debt, some of which resulted from a $6.5 billion in bonds issued by Goldman Sachs. Goldman Sachs is believed to have earned as much as $600 million in fees from its dealings with 1MDB. In addition, the United States Justice Department has requested that investment banks such as Wells Fargo, JPMorgan Chase & Co., and Deutsche Bank AG produce records that may be related to the alleged improper bank transfers involving 1MDB.
Of Course, When Deutsche Bank is involved, it’s Partner In Crime is not Far Behind – Goldman Sachs
Three years ago, when Michael Sherwood stepped down as Goldman Sachs’ top man in London, he was replaced by one Richard Gnodde. Where else have I seen those names in such close proximity? Oh right, among the 17 indictments handed down in Kuala Lumpur last week over that whole 1MDB thing.
Among the current and former Goldman employees charged Friday are two members of Goldman’s top executive committee: Richard Gnodde, who runs the bank’s international operations, and Robin Vince, its chief risk officer.
Others include Michael Sherwood, who was overseeing Goldman’s trading operation at the time of the scandal but is no longer with the bank, and Michael Evans, a senior executive at the time of the 1MDB dealings who is now president of Chinese e-commerce company Alibaba Group Holding Ltd….
The charges on Friday came under a Malaysian law that holds senior executives responsible for any offense that may have been committed on their watch, Malaysia’s attorney general, Tommy Thomas, said. Malaysia has also leveled allegations against three Goldman subsidiaries operating in the region.
This is not exactly what DJ D-Sol needs right now, although it’s not like he worked all that closely with the men involved. Oh, wait, he did? Bummer.
Indeed, the only people who are breathing a sigh of relief right now are the ones who picked Christian Sewing over Gnodde to lead that other 1MDB tire fire, Deutsche Bank.
Malaysia Charges Goldman Sachs Executives in 1MDB Scandal [WSJ]
Malaysia Charges Goldman Sachs Executives in 1MDB Scandal [NYT]
One of the causes for the Panic of 1893 can be traced back to Argentina. One of the causes for the Panic of 2019 can be traced back to Argentina, another to Trumps’ Cabinet of Bankers. In 1893 @JPMorgan had to Bail Out the President, this time round it was @DeutscheBank #Panic
— LawsInTexas (@lawsintexasusa) August 14, 2019
#DidYouKnow MORTGAGE FRAUD – BANK FINES NO JAIL; Including both cash and non-cash consideration such as consumer relief, Bank of America paid $16.65 billion ; J.P. Morgan, $13 billion; Deutsche Bank, $7.2 billion; CORRECTION $0, THE GERMANS SAID HELL NO; THE DON OWES US! #Trump
— LawsInTexas (@lawsintexasusa) August 12, 2019
