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Ex-Goldman banker Roger Ng convicted in $4.5B 1MDB fraud case



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Roger Ng, the one Goldman Sachs banker who was placed on trial for the $4.5 billion embezzlement scheme that raided a Malaysian sovereign wealth fund, was convicted on Friday of violating federal anti-bribery and cash laundering legal guidelines.

Prosecutors say Roger Ng, Goldman’s former prime funding banker for Malaysia, helped his former boss Tim Leissner embezzle cash from the fund — which was based to pursue growth initiatives within the Southeast Asian nation — launder the proceeds and bribe officers to win enterprise for Goldman.

Ng, 49, might face a prolonged jail sentence after his conviction for being one of many alleged co-conspirators who helped steal $4.5 billion from the 1MDB sovereign wealth fund.

“Right now’s verdict is a victory for not solely the rule of legislation, but in addition for the individuals of Malaysia,” Breon Peace, the U.S. Legal professional for the Jap District of New York, mentioned in a press release. “The defendant and his cronies noticed 1MDB not as an entity to do good for the individuals of Malaysia, however as a piggy financial institution to counterpoint themselves.”

Ng, sporting a black go well with jacket and black tie, confirmed little emotion because the jury’s foreperson learn out the decision. Ng glanced forwards and backwards between the jury and the desk he was seated at. His lawyer, Marc Agnifilo, hung his head after the responsible verdict to the primary depend was learn.

Ng's lawyer said his client was taking the fall for Ng's former boss at Goldman, Tim Leissner.
Ng’s lawyer mentioned his consumer was taking the autumn for his former boss at Goldman, Tim Leissner (middle).
Bloomberg by way of Getty Photos

US District Choose Margo Brodie, who’s overseeing the case, ordered that Ng be topic to a curfew pending sentencing, however mentioned she didn’t think about him a flight threat.

Deliberations started on Tuesday after a virtually two-month trial in federal courtroom in Brooklyn.

Agnifilo mentioned Ng might enchantment, relying on the end result of his post-trial motions and his sentence. He stood by his choice to persuade Ng to waive extradition to face trial, saying he had a greater likelihood of a good trial in america than in Malaysia.

“These massive instances are robust they usually’re laborious to win,” Agnifilo advised reporters.

Ng, who pleaded not responsible, was accused of utilizing his place at Goldman to boost $6.5 billion for the fund by way of bond gross sales — solely to then loot $4.5 billion and funnel the ill-gotten positive aspects to himself and associates by way of bribes and kickbacks.

Leissner, the estranged husband of reality television star Kimora Lee Simmons, testified against Ng in a bid to get a lighter sentence after pleading guilty.
Leissner — the estranged husband of actuality tv star Kimora Lee Simmons — testified towards Ng in a bid to get a lighter sentence after pleading responsible.
Getty Photos for The Weinstein C

“The hurt to the individuals of Malaysia is immeasurable,” prosecutor Alixandra Smith mentioned throughout closing arguments. “It’s deeply unfair to everybody else who performs by the principles.”

However Ng’s attorneys have claimed that their consumer is being scapegoated whereas his former colleague at Goldman, Tim Leissner, pleaded responsible and agreed to testify in courtroom towards Ng with a purpose to obtain a lighter sentence.

“Roger is principally the autumn man for this entire factor,” Agnifilo mentioned. “And Tim Leissner is seeking to shut the largest deal of his life.”

Ng, Leissner, and Malaysian financier Jho Low — who’s now a fugitive from the legislation — have been all in on the alleged scheme to defraud 1MDB, prosecutors mentioned.

Throughout a number of days on the witness stand, Leissner testified that he, Ng and Low used off-shore accounts and shell corporations to “disguise the circulation of funds.” The cash-laundering efforts additionally concerned drawing up faux contracts with banks, he mentioned.

Jho Low (seen right greeting Gigi Hadid in 2014), a Malaysian socialite and financier, is alleged to be the mastermind of the scheme. He is currently a fugitive from the law.
Jho Low (seen proper greeting Gigi Hadid in 2014), a Malaysian socialite and financier, is alleged to be the mastermind of the scheme. He’s presently a fugitive from the legislation.
Getty Photos for Gabrielle’s Ang

Leissner testified that he acquired greater than $60 million from Low. The cash was funneled into accounts managed by his then-wife, Judy Chan Leissner.

Leissner, the estranged husband of reality television star Kimora Lee Simmons, advised jurors final month that he despatched Ng $35.1 million by way of the shell entity arrange by Ng’s spouse, Hwee Bin Lim.

The trial has produced sensational headlines about Leissner’s lavish life-style.

Whereas on the witness stand, Leissner copped to the protection’s declare that he was a “double bigamist” — admitting he twice “faked” divorces from women to marry others whereas he was nonetheless legally married.

Leissner has admitted to having a number of affairs, beforehand describing an episode wherein a former lover allegedly blackmailed him into buying her a $10 million mansion after she threatened to disclose the tryst to Simmons, his future and present estranged spouse.

With Put up Wires