Former Goldman Sachs Employee Receives 10-Year Sentence in 1MDB Embezzlement Scandal

On March 9, 2023, Roger Ng, formerly of Goldman Sachs, left the Brooklyn Federal Courthouse after being sentenced for his involvement with embezzling from Malaysia's 1MDB sovereign wealth fund. Former Goldman Sachs banker Roger Ng left the Brooklyn Federal Courthouse after being sentenced for his part in embezzling from Malaysia's 1MDB sovereign wealth fund, in Brooklyn, New York, on March 9, 2023. After being sentenced for his role in Malaysia's 1MDB sovereign wealth fund embezzlement, Roger Ng, a former Goldman Sachs banker, left the Brooklyn Federal Courthouse in Brooklyn, New York. Roger Ng, a former banker for Goldman Sachs, finalized his sentence of 10 years in prison on Thursday due to his role in abetting the misappropriation of billions of dollars from Malaysia's 1MDB sovereign wealth fund.

In April of last year, a jury in Brooklyn, New York's federal court ruled that Ng, formerly Goldman Sachs' head of investment banking in Malaysia, was guilty of aiding Tim Leissner in pilfering money from the fund, laundering the money, and bribing government personnel to gain business. The accusations arise from the $6.5 billion in bonds that Goldman Sachs assisted the Malaysian sovereign wealth fund, 1MDB, with the issuance of in 2012 and 2013.

In what is now considered one of the most important scandals to have taken place on Wall Street, American prosecutors stated that $4.5 billion had been misappropriated by officials, bankers, and their affiliates. The Department of Justice reported that the money was utilized to acquire luxurious real estate, jewelry, and artwork and fund the making of the movie, "The Wolf of Wall Street."

Margo Brodie, a U.S. District Judge, conveyed that the sentence she imposed on Ng and the other defendants was due to their theft of money planned to be used for infrastructure and economic development projects in Malaysia. Brodie emphasized the importance of deterring acts driven primarily by greed like this.

At the hearing, Ng's lawyer Marc Agnifilo stated an intent to appeal the sentence despite Ng's plea of not guilty. He had maintained that the $35 million in kickback payments involved were a return on an investment made by Ng's wife. An opposition leader claims that former Malaysian Prime Minister Najib will have a better experience in prison than they did. Anwar Ibrahim has asserted that Najib will receive preferential treatment when it comes to incarceration compared to what they themselves endured.

The 1MDB controversy has caused a stir in Malaysian politics. Former Prime Minister Najib Razak received a 12-year prison sentence after a Malaysian court found him guilty of taking $10 million from a former 1MDB unit. Despite this, Najib has continued to deny any wrongdoings. The prosecuting attorneys in Brooklyn made a plea to Brodie to give Ng a sentence of 15 years of incarceration. Under a plea deal, Leissner, who was Goldman's Southeast Asia chief, agreed to testify against Ng and has not been penalized yet.

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Location: Malaysia

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