February 4, 2020 / 4:31 PM / 24 days ago

U.S. Federal Reserve bars Goldman Sachs executive from industry for role in 1MDB scandal

WASHINGTON, Feb 4 (Reuters) - The U.S. Federal Reserve announced Tuesday it had permanently barred Goldman Sachs executive Andrea Vella from the banking industry for his role in Malaysia’s 1MDB scandal.

The regulator said Vella, who was co-head of Asia investment banking, failed to escalate Malaysian financier Low Taek Jho’s involvement in 2012 and 2013 bond offerings by Malaysia’s sovereign wealth fund arranged by Goldman, even though he was a “person of known concern” to the bank. (Reporting by Pete Schroeder Editing by Chizu Nomiyama)

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