The Breakdown You Need To Know:
Ng claims that Leissner, who agreed to testify against Ng as the government’s star witness, used the money from Celsius and Sentient to pay for his own bail and satisfy a criminal forfeiture in an earlier case. The New York Post reported that “Ng is in the unimaginable position of having to defend himself against allegations made by the person who defrauded him and who stole the money that … Ng needs to defend against those same allegations,” the suit alleges.
CultureBanx gave a quick recap on how these three people ended up in this situation. Goldman Sachs in 2020 agreed to pay the Malaysian government $3.1 billion, to settle claims in the 1MDB fund. One of the main people who got the bank involved in this scandal was Kimora Lee’s Simmons husband, ex-Goldman banker, Tim Leissner. The bank swiftly parted ways with him and Ng, after his shady dealings with Jho Low came to light. In November 2018, when Leissner agreed to pay $43.7 million toward victim compensation, it was in order to avoid jail time.
Suing The Street:
It’s not just Ng looking to get money from Leisneer, but Kimora’s ex-husband Russell Simmons as well. Their financial issues are centered around PepsiCo
In his claim, Simmons says Kimora and Leissner “knew full well that Leissner would need tens of millions of dollars to avoid jail time, stay out on bail, and forfeit monies for victim compensation.” Simmons claims they used their Celsius shares as collateral for Leissner’s bail, and he wants his shares returned.
Ng is appealing his April conviction. He and Leissner are to be sentenced in February 2023.
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