Kimora Lee Simmons’s husband, Tim Leissner, was balling on a whole other level before scandal hit.
The former Goldman Sachs partner in Asia agreed to forfeit $43.7 million in 2018 over a guilty plea with the Department of Justice. Apparently, Leissner and his associates mismanaged $4.5 billion incorrectly.
Last week, his former employer set aside $1.09 billion during the final quarter of the year. According to Forbes, this settled $6.5 billion in loans to Malaysian development fund 1MDB.
Leissner profited illegally from the transaction.
Leissner broke U.S. bribery laws and pleaded guilty. As a result, he is barred by the Securities and Exchange Commission. The charges were initially filed in 2017.
Leissner and his accomplices managed the funds from 2009 to 2014 with more than $200 million going directly to him and an associate.
Ironically, the funds were used to purport a lavish rap music lifestyle. From luxury yachts to U.S. properties, art, and eventual bribes, Leissner was balling.
As a result, Goldman Sachs posted earnings per share down 22% from the previous year. The Malaysian government is also fining Goldman Sachs $7.5 billion for the drama.
With the sexual assault accusations against her ex-husband, Russell Simmons, Kimora is going through it with her relationships.