A former Goldman Sachs banker has been convicted of bribery and other corruption charges accusing him of participating in a $4.5B scheme to ransack the Malaysian state investment fund known as 1MDB.
Former Goldman Sachs executive Roger Ng, left, leaves Brooklyn Federal court with attorney Marc Agnifilo, right, in N.Y., on May 6, 2019.NEW YORK — A former Goldman Sachs banker was convicted Friday of bribery and other corruption charges accusing him of participating in a $4.5 billion scheme to ransack the Malaysian state investment fund known as 1MDB.
“With today’s verdict, a powerful message has been delivered to those who commit financial crimes motivated by greed,” U.S. Attorney Breon Peace said in a statement.A former head of investment banking in Malaysia, Ng isin the 1MDB scandal. The 49-year-old had pleaded not guilty to three counts — conspiring to launder money and violating two anti-bribery laws.
Ng’s defense attorneys have described the looting of 1MDB state investment fund as “perhaps the single largest heist in the history of the world.” But they contend U.S. prosecutors scapegoated Ng for crimes committed by others, including the government’s star witness, Tim Leissner. “If we told any bank the truth, it wouldn’t work,” he said. “The house of cards would have fallen down.”
The defense claimed that some of the $35 million Ng received through Leissner — money prosecutors said were illicit proceeds from the scheme — was actually the proceeds of a legitimate business transaction between the two men’s wives.by peppering him with questions about his history of lying about his marital status. He admitted he forged documents in 2014 to dupe his now-estranged wife, Kimora Lee Simmons, into believing he was divorced so she would agree to marry him.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ex-Goldman Sachs Banker Roger Ng Convicted in 1MDB Financial ScandalRoger Ng was found guilty of two counts of conspiring to violate the Foreign Corrupt Practices Act and one count of money laundering after he worked to take funds from Malaysia’s 1MDB development account and use it to garner business for Goldman Sachs
Read more »
Ex-Goldman Sachs banker convicted in plot to loot 1MDB fundNEW YORK (AP) — A former Goldman Sachs banker was convicted Friday of bribery and other corruption charges accusing him of participating in a $4.5 billion scheme to ransack the Malaysian state investment fund known as 1MDB.
Read more »
Ex-Goldman Sachs banker convicted in plot to loot 1MDB fundNEW YORK (AP) — A former Goldman Sachs banker was convicted Friday of bribery and other corruption charges accusing him of participating in a $4.5 billion scheme to ransack the Malaysian state investment fund known as 1MDB.
Read more »
Ex-Goldman Sachs Banker Roger Ng Convicted in 1MDB Financial ScandalRoger Ng was found guilty of two counts of conspiring to violate the Foreign Corrupt Practices Act and one count of money laundering after he worked to take funds from Malaysia’s 1MDB development account and use it to garner business for Goldman Sachs
Read more »
Breakingviews - Ex-Goldman conviction is partial justice for 1MDBA decade after Goldman Sachs helped 1MDB raise billions of dollars, one of its former employees has been brought to justice for the fraud. A U.S. jury on Friday found banker Roger Ng guilty in the $4.5 billion bribery plot involving Malaysia’s sovereign wealth fund. But his ex-boss, who played a bigger role, may get a lesser penalty while the Wall Street firm got off with $5 billion in fines. It’s only a partial redress.
Read more »