Fed Bans Another Goldman Sachs Exec Over 1MDB Scandal

Law360 (February 4, 2020, 5:08 PM EST) -- The Federal Reserve Board has banned another Goldman Sachs senior executive from the banking industry for his alleged involvement in the billion-dollar 1Malaysia Development Bhd. scandal.

Andrea Vella, the former co-head of Goldman’s financing group and investment banking division in Asia, consented to the permanent ban but neither admitted nor denied allegations that he failed to tell higher-ups at the bank about the involvement of 1MDB mastermind Jho Low in three bond offerings Goldman underwrote for the Malaysian sovereign wealth fund in 2012 and 2013.

Calling Low a “person of known concern to Goldman” in its announcement Tuesday, the Fed said...

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