Tim Leissner Biography: Former Goldman Sachs financier Tim Leissner is implicated in a massive scandal involving the Malaysian development fund 1MDB. In 2018, he pled guilty to charges of money laundering and bribery and agreed to forfeit $43.7 million in cash and stock. He is also the spouse of former supermodel and fashion designer Kimora Lee Simmons. What is Tim Leissner’s estimated net worth in 2023?
Tim Leissner Biography
Where Did Tim Leissner Grow Up?
Tim Leissner was born in Germany on October 31, 1971. He was born into an affluent family and excelled academically. He attended Siegen University and graduated with a Bachelor of Arts. He subsequently earned an MBA from the University of Hartford and a Ph.D. from the University of Somerset.
When did Tim Leissner begin his financial industry career?
Tim Leissner began his tenure in 1997 as the head of mergers and acquisitions for Asia Pacific at Lehman Brothers. In 2002, he joined Goldman Sachs and was appointed chairman of Southeast Asia operations.
He was in charge of securing $6.5 billion in loans for 1MDB, a Malaysian state-owned fund intended to finance infrastructure initiatives. Leissner and his associates, including the Malaysian financier Jho Low, syphoned billions of dollars from the fund for their own use.
They purchased opulent real estate, yachts, and art, as well as bribed officials. Additionally, the money was laundered through U.S. institutions. In 2015, the Wall Street Journal reported that $681 million had been transferred from 1MDB to the personal account of the then-prime minister of Malaysia, Najib Razak.
Leissner left Goldman Sachs in 2016 and was subsequently charged with violating anti-bribery laws and money laundering conspiracy by U.S. authorities. In 2018, he entered a guilty plea and consented to assist the investigation. In addition, he forfeited $43.7 million in cash and shares of the fitness drink company Celsius Holdings.
For its role in the scandal, Goldman Sachs also confronted legal action from the U.S. Department of Justice and the Malaysian government. In 2019, the bank set aside $1.09 billion to resolve the claims.
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How Much is Tim Leissner Net Worth?
According to various sources, Tim Leissner’s estimated net worth in 2023 is approximately $25 million. This is considerably less than his peak net worth of more than $200 million prior to the scandal. In contrast, his wife’s net worth is approximately $50 million.
Tim Leissner’s legal issues and cooperation with authorities are likely to have a negative effect on his net worth. He could incur additional fines or penalties in the future. He may also be required to compensate the victims of the fraud.
What is Tim Leissner’s private life?
Tim Leissner wedded Kimora Lee Simmons in December 2013. He is her second spouse, and she is his third wife. Kimora Lee Simmons is a former supermodel who introduced her clothing line Baby Phat in 1999. She also has a reality television programme titled Kimora: Life in the Fab Lane.
Born in 2015, the couple has one son, Wolfe Lee Simmons. Leissner has two stepdaughters, Ming Lee Simmons and Aoki Lee Simmons, from Kimora’s previous relationship with hip-hop entrepreneur Russell Simmons. Madison Leissner is his daughter from his first marriage.
Frequent Requested Information
As of 2023, what is Tim Leissner’s Net Worth?
A: According to numerous sources, Tim Leissner’s estimated net worth in 2023 is approximately $25 million. This is considerably less than his peak net worth of more than $200 million prior to the scandal.
Q: Where Did Tim Leissner Grow Up?
A: Tim Leissner was born on October 31, 1971, in Germany. He was born into an affluent family and excelled academically. He attended Siegen University and graduated with a Bachelor of Arts. He subsequently earned an MBA from the University of Hartford and a Ph.D. from the University of Somerset.
When did Tim Leissner begin his financial industry career?
A: Tim Leissner began his tenure in 1997 as the head of mergers and acquisitions for Asia-Pacific at Lehman Brothers. He joined Goldman Sachs in 2002 and was promoted to chairman of Southeast Asia operations later that year.
What Role Did Tim Leissner Play in the 1MBD Scandal?
Tim Leissner arranged $6.5 billion in financing for 1MDB, a fund owned by the government of Malaysia. However, he and his associates, including Malaysian financier Jho Low, embezzled billions of dollars from the fund for their own benefit. They purchased luxury properties, yachts, and art, paid bribes to government officials, and laundered money through U.S. institutions.
