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Goldman Sachs Banker Gets 10 Years for 1MDB Graft, Money Laundering

A federal judge in New York sentenced former Goldman Sachs banker Roger Ng to 10 years in prison Thursday for his role in stealing and laundering billions of dollars from Malaysia’s erstwhile sovereign wealth fund, 1MDB.

Ng, 51, was convicted by a federal jury last April of conspiring to launder money and bribe Malaysian and Emirati officials to help Goldman Sachs secure deals with 1MDB that earned the bank roughly $600 million in fees. Ng and former Goldman partner Tim Leissner, who pleaded guilty and testified against Ng at trial, plotted with Malaysian financier Jho Low to skim money from 1MDB, including $35 million directed to accounts controlled by Ng and his family.

Goldman has since paid about $5 billion in penalties, disgorgements and other outlays to regulators and prosecutors in the U.S. and Malaysia to resolve civil and criminal claims related to the scandal.

Ng’s lawyers had asked U.S. District Judge Margo Brodie to sentence him to time served, claiming that their client’s poor treatment during his six-month prison stint in Malaysia while awaiting extradition to the U.S. damaged his mental health.

Moneylaundering.com may update this coverage as more information becomes available.
Topics : Anti-money laundering , Corruption/Bribery , International Banking
Source: U.S.: Department of Justice
Document Date: March 9, 2023