Fed bars executive for role in 1MDB scandal

Andrea Vella, who was formerly co-head of Goldman's Asia investment banking division ex-Japan, failed to escalate information he had about Malaysian financier Low Taek Jho's involvement in three bond offerings that Goldman underwrote for Malaysia's sovereign wealth fund, the regulator said

WASHINGTON: The U.S. Federal Reserve said on Tuesday that it permanently barred a former Goldman Sachs Group Inc executive from the banking industry over his role in Malaysia's multi-billion-dollar 1MDB corruption scandal.

Andrea Vella, who was formerly co-head of Goldman's Asia investment banking division ex-Japan, failed to escalate information he had about Malaysian financier Low Taek Jho's involvement in three bond offerings that Goldman underwrote for Malaysia's sovereign wealth fund, the regulator said.