The Federal Reserve permanently banned former Goldman Sachs Group Inc. banker Andrea Vella from the industry over his alleged involvement in the 1MDB scandal as the fallout reaches higher into the firm’s ranks.
The Fed’s order announced Tuesday said Vella, a former co-head of investment banking in Asia, failed to inform Goldman that a businessman who’s allegedly the fraud’s mastermind was involved in 1MDB bond offerings that the bank handled in 2012 and 2013. The U.S. Justice Department has criminally charged other former Goldman employees, including Tim Leissner, who pleaded guilty.
