Tim Leissner, the former Goldman Sachs Group Inc. banker who confessed to participating in one of history's most massive financial frauds, is now pursuing a presidential pardon before he must report to federal prison. According to official records, Leissner submitted his clemency application to the U.S. Justice Department between September 3 and November 18 of last year.
The 1MDB Fraud and Leissner's Role
As Goldman Sachs' former Southeast Asia chairman, Leissner pleaded guilty in 2018 to orchestrating a scheme that embezzled $4.5 billion from the Malaysian sovereign wealth fund 1MDB. This colossal fraud not only destabilized Malaysia's government but also triggered extensive investigations across six different nations. During the 2022 trial of his former Goldman colleague Roger Ng in Brooklyn, New York, Leissner served as the prosecution's star witness, providing crucial testimony that helped secure convictions.
Cooperation and Sentencing
At his sentencing hearing in May, both Leissner and federal prosecutors argued that his substantial cooperation warranted leniency, particularly since it led to his colleague's conviction and resulted in Goldman Sachs paying billions in global fines. However, the presiding federal judge rejected these appeals, describing Leissner's actions as "brazen and audacious" and sentencing him to two years in prison.
During the emotional sentencing proceedings, Leissner expressed profound remorse, stating, "I know how terrible my crime was. In the process of telling the government and the world about 1MDB, I have had to publicly face the fact that I helped steal billions of dollars not just from individuals, but from an entire nation."
The Pardon Landscape
Leissner's pardon request joins thousands of other clemency petitions currently under White House review. Notable figures in this queue include:
- Bill Hwang, founder of Archegos Capital Management, convicted following the collapse of his $36 billion family office
- Elizabeth Holmes, Theranos Inc. founder serving an 11-year sentence for defrauding investors in her blood-testing startup
Last week, President Donald Trump granted clemency to more than twenty individuals, including several convicted of white-collar crimes. The President maintains he's utilizing his executive clemency authority to rectify perceived abuses within the criminal justice system, particularly cases he views as politically motivated prosecutions. Critics, however, argue this approach undermines prosecutorial work and represents a misuse of presidential power.
Prison Surrender Timeline
Originally ordered to begin his prison term on November 17, Leissner received an extension allowing him to remain free until January 12. His attorney, Henry Mazurek, recently requested a further postponement to February 6, explaining that prison authorities required additional time to arrange placement at a facility near his family in Southern California. Leissner is now scheduled to surrender early next month.
Federal prosecutors in Brooklyn have declined to comment on the pardon application, while Mazurek has not responded to recent inquiries. The 1MDB scandal continues to reverberate through international financial circles, with Leissner's testimony revealing his collaboration with Malaysian financier Jho Low, the alleged mastermind behind the multi-billion dollar fraud scheme.
