Kimora Lee Simmons’ Husband Pleads Guilty In Billion Dollar Laundering Scandal, Ordered To Pay $43.7 Million
Kimora Lee Simmons’ husband, Tim Leissner pleaded guilty to a money laundering scandal on behalf of a Malaysian company on Thursday (Nov. 1), according to reports. Up until 2016, Leissner was the chairman at Goldman Sachs, but resigned and was eventually subpoenaed by the U.S. Justice Department as part of a probe into the vanishing of billions of dollars from a reported Malaysian sovereign wealth fund named 1Malaysia Development Berhad (1MDB).
Leissner assisted in raising money for the fund which was designed to boost the country’s economy. Two accomplices helped Leissner achieve this crime; Roger Ng, a former Goldman Sachs banker and Malaysian financier Jho Low. As Low is reportedly still on the run, Ng was nabbed in Malaysia a few weeks back and is awaiting charges. Up until 2014, Ng was a managing director at the investment bank.
Leissner is pleading guilty to to conspiracy to launder money and for violating foreign anti-bribery laws, as he allegedly bribed officials in Malaysia and Abu Dhabi. According to court filings, he is being ordered to fork over $43.7 million.
In 2017, Simmons’ fashion company was dragged into the lawsuit. It was suspected Leissner had funded the launch of her designer brand Kimora Lee Simmons, but the mother of four denied Leissner had any involvements with the inception of her business. Citing that,
I fund my own business.…I’ve been in the fashion industry since [age] 12, modeling and all that. So all my money, not that I want to say it that way, this is my third marriage that I’m on so, no, my husband has nothing to do with my professional life.
Kimora has yet to comment on the case.