Key takeaways:
- Former Goldman Sachs banker Roger Ng was sentenced to 10 years in prison for his role in the looting of Malaysia’s 1MDB sovereign wealth fund.
- Ng was found guilty of helping to embezzle money from the fund, launder the proceeds, and bribe government officials to win business.
- The stolen money was used to finance lavish parties, a superyacht, premium real estate, and even the 2013 film “The Wolf of Wall Street.”
Former Goldman Sachs banker Roger Ng was sentenced to 10 years in prison on Thursday for his role in the looting of Malaysia’s 1MDB sovereign wealth fund.
Ng was found guilty last April by a U.S. District Court jury in Brooklyn of helping to embezzle money from the fund, launder the proceeds, and bribe government officials to win business.
The charges stem from $6.5 billion in bonds that Goldman Sachs helped 1MDB, which was founded to finance development projects in Malaysia, sell in 2012 and 2013. U.S. 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 stolen money was used to finance lavish parties, a superyacht, premium real estate, and even the 2013 film “The Wolf of Wall Street.” Ng and his co-conspirators helped 1MDB raise the money through bond sales, only to participate in a scheme that siphoned off more than two-thirds of the money.
Ng continues to deny the charges against him, but the court’s sentence stands. The case serves as a reminder of the consequences of financial fraud and corruption.
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