The Federal Reserve on Tuesday barred two former Goldman Sachs executives from working in the banking industry because of their roles in a multibillion-dollar fraud involving a Malaysian government investment fund.

One of the executives, Tim Leissner, who was one of Goldman’s top investment bankers in Asia, has pleaded guilty in a federal criminal investigation of the fraud and has been ordered to forfeit about $44 million. The other executive, Roger Ng, has been charged in the United States with participating in money laundering and bribery, but is in custody in Malaysia.

Goldman Sachs helped the fund, 1Malaysia Development Berhad, commonly known as 1MDB, sell more than $6 billion of debt to investors, ostensibly for projects that would benefit the Malaysian people. But federal prosecutors contend that at least $2.7 billion of that money went to fuel the lavish lifestyles of several people close to a former Malaysian prime minister, including the flamboyant financier Jho Low.

Prosecutors have said some of the money raised for the fund went toward paying bribes to secure business for Goldman Sachs.