1MDB LOOTER JAILED
Banker gets 10 yrs.
A “Wolf of Wall Street” will spend the next decade in a federal pen.
Former Goldman Sachs banker Roger Ng on Thursday was sentenced to 10 years in prison for his role in helping to loot billions of dollars from Malaysia’s 1MDB sovereign wealth fund.
A jury in Brooklyn federal court last April found Ng (right), Goldman’s former head of investment banking in Malaysia, guilty of helping former boss Tim Leissner embezzle money from the fund, launder the proceeds and bribe government officials to win business.
The charges stem from some $6.5 billion in bonds that Goldman helped 1MDB — founded to finance development projects in Malaysia — sell in 2012 and 2013.
US prosecutors said $4.5 billion of that sum was embezzled by officials, bankers and their associates in one of the biggest scandals in Wall Street history.
The funds were used to buy high-end real estate, jewelry and artwork, and finance the Hollywood film “The Wolf of Wall Street,” according to the Department of Justice.
The scandal also rocked Malaysian politics. Former Prime Minister Najib Razak is serving a 12-year prison sentence after being convicted by a Malaysian court of receiving $10 million from a former 1MDB unit. Najib has consistently denied wrongdoing.
In a filing last week, federal prosecutors in Brooklyn urged Judge Margo Brodie to sentence Ng to 15 years, calling him a “deeply corrupt banker” and arguing a stiff sentence was necessary to dissuade all financial professionals from bribing officials to win business.
“Foreign corruption undermines the public’s confidence in international markets and institutions,” prosecutors wrote.
In his own sentencing request, Ng asked that he be given no prison time because he suffered from PTSD after spending six months in a hellhole Malaysian prison before waiving his right to contest extradition to the US in 2018.
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.
“I am ashamed of how this has affected my family but overwhelmed by their support of my innocence, despite the indictment and conviction,” he said, The Wall Street Journal reported.