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Ex-Goldman banker Roger Ng convicted in U.S. court in 1MDB case


Roger Ng is a former Goldman Sachs Group Inc. Banker.

Wes Bruer – Bloomberg | Bloomberg | Getty Images

Anterior Goldman SachsOn Friday, Roger Ng, banker in Malaysia was found guilty of conspiring with a U.S. juror to break an anti-corruption laws to loot millions from Malaysia’s 1MDB developmental fund.

Prosecutors claim that Roger Ng is Goldman’s former chief investment banker for Malaysia. He helped Tim Leissner’s boss to embezzle money for the fund. The fund was created to invest in Southeast Asian countries.

Ng (49) had not pleaded guilty to conspiracy to launder funds and to violating anti-corruption laws. According to his lawyers, Leissner pleaded guilty in 2018 to similar charges and agreed to cooperate in an investigation by prosecutors. He falsely accused Ng to get a lighter sentence.

Ng was convicted by the jury of two counts, one of conspiracy against foreign corrupt practices Act violation and one of conspiracy for money laundering.

After a two-month long trial at Brooklyn’s federal court, deliberations started Tuesday.

This was one of the largest financial scandals ever recorded.

Prosecutors claim that Goldman assisted 1MDB in raising $6.5 billion via three bonds sales. However, $4.5 billion of the $6.5 billion went to bankers, government officials and other associates using kickbacks, bribes, and other perks between 2009 and 2015.

Ng was the first and most likely to be the only person in America who will face trial for the scheme. In 2020, Goldman paid nearly $3 billion in fines and the Malaysian arm of Goldman pleaded guilty.

Nine days of testimony was given by Leissner to jurors. Leissner claimed he paid Ng $35,000,000 in kickbacks. Leissner claimed that Leissner told banks a “cover tale” about how the women were paid from legitimate businesses.

Hwee bin Lim, Ng’s wife, later testified in support of her defense that the business venture had been legitimate. In the middle of the 2000s, she said that she had invested $6 million in a Chinese business owned by Judy Chan’s family, which was worth $35 million.

Marc Agnifilo was Ng’s attorney and stated in Monday’s closing argument that Leissner couldn’t be trusted. Alixandra Smith was the prosecutor and stated in her summary that Leissner’s testimony had been supported by additional evidence.

Jho Low was a Malaysian financial entrepreneur and the suspected mastermind behind the scheme. He was also indicted in 2018.