13 February 2020: The Federal Reserve has announced that it has issued former Goldman Sachs Group banker, Andrea Vella, with a permanent ban from the industry for his involvement in the 1MDB scandal.
Vella, former co-head of investment banking in Asia, allegedly engaged in “unsafe practices” by failing to inform all of Goldman’s internal committee that the Malaysian financier, Jho Low, was involved in the 1MDB deal. Jho Low had allegedly used stolen money to fund a Hollywood movie and support a lavish lifestyle. He was a person of concern for Goldman.
Vella has agreed to the Fed’s order so that he can “move on to the next stage of his career” but has not admitted or denied the wrongdoing, his lawyer announced. He has agreed to fully cooperate and provide substantial assistance with the bank’s investigations.