A jury in Brooklyn federal court last April found Ng, the former head of investment banking at Goldman Bank in Malaysia, guilty of helping his former boss Tim Leissner embezzle money from the fund, launder the proceeds and bribe government officials.
As previously reported, Goldman raised $6.5 billion for the wealth fund through three bond issues between 2012 and 2013. About $4.5 billion of the money was basically stolen from the fund by corrupt Malaysian officials through shadow companies.. According to the Department of Justice, the money was used to purchase high-end real estate, jewelry, and art, and to finance the Hollywood movie “The Wolf of Wall Street.”
Goldman has since paid a $5 billion fine in the case and apologized for breaking the law. Roger Ng is the only Goldman banker on trial for his role in the case. Lesnar pleaded guilty and testified against Eng as part of a cooperation agreement. It has not yet been judged. Ng otherwise pleaded not guiltyand argued that the $35 million in bribes he was accused of taking was actually a return on his wife’s investments.
The scandal has also rocked Malaysian politics. Former Prime Minister Najib Razak is serving a 12-year prison sentence after a Malaysian court found him guilty of receiving $10 million from a former unit of 1MDB.
Cover image: Getty Images
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