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Ex-Goldman banker Roger Ng found guilty in 1MDB fraud trial

A U.S. jury has convicted Goldman Sachs former banker Roger Ng of embezzling $ 1 billion in bribes, giving prosecutors a notable victory in a scandal that reverberated from Malaysia and Singapore to Wall Street.

After a trial that lasted nearly two months, and four days of trial, the jury on Friday found Ng, 49, guilty of all three counts in the case, including conspiracy to violate U.S. bribery laws and conspiracy to launder money. He faces up to 30 years in prison.

The conviction is a significant victory for U.S. authorities who have devoted years to filing a fraud case, in which the U.S. Department of Justice claims $ 4.5 billion has been expropriated from the Malaysian state investment fund.

“The verdict is: Roger Ng is guilty, convicted on all three counts,” the U.S. Attorney’s Office for the Eastern District of New York said on his official Twitter account.

Ng, his former boss Tim Lissner And a Malaysian financier Jho Low They were all charged by the Ministry of Justice. Lissner pleaded guilty and awaits sentencing, while Lowe maintains his innocence and remains free.

Kenneth Politt, head of the Justice Department’s criminal division, said Ng “participated in a massive and unprecedented bribery and money laundering program” that included corruption by senior officials in Malaysia and Abu Dhabi as well as money laundering in the US.

The government has argued that Ng is a critical link for 1 MDB and Low.

As the former head of Goldman Investment Banking in Malaysia and later as a member of the Bank’s Securities Division in Asia, Ng has been involved in arranging the Bank’s 1MDB bond transactions.

The Wall Street bank settled three deals in 2012 and 2013 that raised about $ 6.5 billion, some of which was used to pay bribes to officials in Malaysia and Abu Dhabi, according to U.S. authorities.

The stolen funds were used to buy expensive art, luxury real estate and even financing The Wolf of Wall StreetThe Oscar-nominated film for financial offenses, among others.

The government accused Ng, who did not testify during his trial, of pocketing about $ 35 million of stolen 1MDB money and of trying to cover his tracks by liquidating entire email accounts.

Mark Agnifilo, Ng’s lawyer, argued that his client had nothing to do with the payment, which he said was related to an investment unrelated to his wife.

The trial was based on a tense confrontation between Ng and Listener, A former partner of Goldman who pleaded guilty to conspiracy to launder money and violating foreign bribery laws in the context of 1 MDB. Lissner then became the star of the government in Ng’s trial.

Lissner has signed a cooperation agreement with U.S. authorities in hopes of receiving a lighter sentence. He faces up to 25 years in prison.

Throughout the trial, Agnifilo told the jury that there was no evidence linking Ng to the 1MDB scam other than Lissner’s testimony, which he said included inaccuracies.

He said Sheng was the “fall guy” and repeatedly questioned Lissner’s credibility, calling him a “one-of-a-kind liar” and cataloging lies that Lissner told his partners, Goldman and U.S. authorities.

Goldman, who raked in more than $ 600 million in commissions from 1MDB bond deals, said they had lied to “certain members of the former Malaysian government and 1MDB”.

The bank made a settlement of up to $ 3.9 billion with Malaysia and paid a record $ 2.9 billion in a global settlement in 2020. Its subsidiary in Malaysia has pleaded guilty to bribery.

Ex-Goldman banker Roger Ng found guilty in 1MDB fraud trial Source link Ex-Goldman banker Roger Ng found guilty in 1MDB fraud trial

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