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Former Goldman Sachs banker Roger Ng sentenced to 10 years in prison for 1MDB fraud

Rogering, a former Goldman Sachs banker convicted in connection with a multi-billion dollar embezzlement scheme at 1MDB, was sentenced to 10 years in prison in a New York court on Thursday.

Last year, a US jury in Brooklyn found Ng, a 50-year-old Malaysian citizen. guilty All three counts in his case: conspiracy to violate US anti-bribery laws, conspiracy to launder money, and conspiracy to evade Goldman’s internal accounting controls. He faces a maximum sentence of 30 years in prison, with prosecutors demanding a minimum sentence of 15 years.

Judgment concludes one of the most high-profile cases involving Malaysia’s state-owned investment fund wolf of wall streetan Oscar-nominated film about financial fraud among others.

Ng, who did not testify during the trial, pleaded not guilty and was extradited to the United States in 2019 after being arrested in Malaysia a year ago.he is involved in another related case 1MDB in a country in Southeast Asia.

The U.S. government accused Ng of being a key link to 1MDB, Joe Rowe, a Malaysian financier accused of masterminding an embezzlement scheme that spread from Malaysia to Switzerland and the United States. Law remains a fugitive and maintains his innocence.

Prosecutors also allege that Ng embezzled $35 million in stolen 1MDB funds. According to his attorney, the payment was related to an unrelated investment involving Ng’s wife.

As the former head of Goldman’s investment banking in Malaysia, and later as a member of the Asian bank’s securities division, Ng participated in arranging three 1MDB bond deals in 2012 and 2013. Some of it was used to pay bribes to officials in Malaysia and Abu Dhabi, according to US officials.

Goldman, which reached a settlement of up to $3.9 billion with Malaysia and paid a record $2.9 billion in a global settlement in 2020, says it was lied to by “the former Malaysian government and certain members of 1MDB.” increase.

The conclusion of Ng’s U.S. lawsuit paves the way for the sentencing of former Goldman Sachs partner Tim Leissner, who pleaded guilty to charges of violating foreign bribery laws related to 1MDB and conspiring to launder money.

Leissner, Ng’s former boss, signed a cooperation agreement with the United States in the hope that he would receive a lighter sentence, and became a star government witness in Ng’s trial. ordered to forfeit $43.7 million.

In a process that lasted nearly two months, Ng’s attorneys argued that there was no evidence linking his client to the 1MDB scandal, except for Leissner’s testimony, which he said was untrue. He called Leisner the “one and only” liar.

In the sentencing memorandum, Ng’s lawyers added that he still suffers from post-traumatic stress disorder after being “taken away” from his family and “stripped of his dignity in a Malaysian prison,” giving him this. I asked him not to serve any more.

https://www.ft.com/content/afb3044c-52d9-49d5-9233-84d92b63ae76 Former Goldman Sachs banker Roger Ng sentenced to 10 years in prison for 1MDB fraud

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