Kimora Lee Simmons is renowned in the fashion industry as an international super model and mogul. She parlayed her success on the runway into a reality series and several popular fashion brands including Baby Phat and the KLS Collection. Simmons most recently opened a luxury boutique in the swanky neighborhood of Beverly Hills.
While the 40-year-old seems to be a perfect example of how to manage being a mother and mogul, her third husband and father of her one-year-old son Wolfe Lee, Tim Leissner, may cause her business practices and spending habits to be the subject of an FBI investigation.
According to the New York Post Leissner, a regional chairman of Goldman Sachs, is currently under investigation for money laundering and a misappropriation of funds. Here are the details of the report:
A state fund — 1Malaysia Development Berhad (1MDB) — was set up with Leissner’s assistance, and Goldman Sachs was paid sky-high commissions for bond sales. Then $681 million tied to the fund mysteriously turned up in the bank account of Malaysian Prime Minister Najib Razak.
The FBI reportedly is investigating all the fund’s transactions in concert with wider probes of money-laundering allegations spanning five countries.
The sum of three bond sales for 1MDB back in 2012 and 2013, totaling as much as $6.5 billion, reportedly yielded fees, commissions and expenses for Goldman of almost $593 million, the equivalent of 9.1 percent of the money raised. The typical cut for an investment bank is about 5 percent.
If you’re a fan of ‘Real Housewives Of Atlanta’, you may be thinking this has some faint similarities to the reasons why Apollo Nida is in federal prison. His wife, Phaedra Parks has vehemently denied any knowledge of her husband’s illicit activities. This is where Kimora comes in.
Of course it’s more than possible that Tim could have been living a double life. He’s worked for Goldman Sachs for 18 years meanwhile the pair have only been married since 2013. According to the Post, Kimora’s friendship with the Prime Minister’s wife, Rosmah Mansor may be of interest in the investigation as it may be evidence that she turned a blind eye to her husband’s wrong doings while enjoying the fruits of his financial gain.
The report also says: Government officials want more answers on the source of the $681 million. One claim — that the money was gifted by Saudi Arabia for financing the fight against ISIS terrorism — was greeted with some incredulity. Many people inside and outside Malaysia are not satisfied with the official explanation.
“People are smelling something here,” Gary Swiman, head of compliance and regulatory consulting services at EisnerAmper, told The Post. “This has been a disaster for Goldman.”
It’s possible that given Leissner’s tenure and high performance within the company, he may be one of Goldman’s highest paid employees. The question remains is his wealth simply from his salary and commissions or from other illegal deals?
He has since taken a leave of absence from his position and could not be reached for comment. Stay tuned for the latest developments.
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