Ex-Goldman banker Ng deserves 15 years in prison for helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund, US prosecutors say
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Please pardon my sense of humor and let's stay tuned with the news we have at hand for your consumption. Today, we'll looking at some crimes committed by ex-Goldman banker against the Malaysian government.
U.S. prosecutors on Friday urged a judge to sentence former Goldman Sachs (GS.N) banker Roger Ng to 15 years in prison after he was convicted of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund.
A jury in Brooklyn federal court had last April found Ng, Goldman's former head of investment banking in Malaysia, guilty of helping his former boss Tim Leissner embezzle money from the fund, launder the proceeds and bribe government officials to win business.
Several investigations have shown that Tim Leissner and Ng have collaborated in embezzling funds from the Malaysian reserves, although Roger Ng had denied the fact leveled against him in his involvement in the embezzlement of the said funds.
Ng had pleaded not guilty, and argued that $35 million in kickback payments he was accused of receiving was actually a return on an investment his wife had made.
Leissner pleaded guilty and testified against Ng as part of a cooperation agreement. He has not yet been sentenced.
A total of $6.5 billion in bonds was charged by Goldman to aid development projects in Malaysia and according to the prosecutor, about $4.5 billion of that amount was embezzled by officials, bankers and their associates, in one of the biggest scandals in Wall Street history and this was aided by Roger Ng for his boss Tim Leissner. These projects was supposed to span between 2012 and 2013.
In October 2020, Goldman agreed to pay $2.9 billion and its Malaysian unit pleaded guilty to a corruption charge.
In 2018, Roger Ng, spent six months in the Malaysian prison and later requested for extradition to the United States. In his sentencing request in 25 February, Roger Ng requested that no prison term should be given him and he should be allowed to return back to Malaysia.
U.S. District Judge Margo Brodie is expected to sentence Ng on March 9.
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