Source: The Edge Markets
WASHINGTON/NEW YORK (Feb 4): The Federal Reserve permanently banned senior Goldman Sachs Group Inc banker Andrea Vella from the industry, over his alleged involvement in the Malaysian investment fund scandal known as 1MDB. The Fed’s order announced Tuesday said Vella, a former co-chair of Asian investment banking who was put on leave in 2018, failed to inform Goldman of potential illicit activity involving 1MDB bond offerings handled by the bank in 2012 and 2013. Other former Goldman employees have been criminally charged by the U.S. Justice Department, as a result of its investigation. Vella, who agreed to the Fed’s order without admitting or denying wrongdoing, is slated to leave Goldman. The 1MDB conspiracy, in which a global cast of characters is accused of looting billions of dollars from the Malaysian government, has been a major embarrassment for the bank.