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Former Goldman Sachs banker who financed ‘Wolf of Wall Street’ found guilty — RT World News


Former Goldman Sachs investment banker for Malaysia Roger Ng has been found guilty of bribery and corruption in connection with the theft of $4.5 billion from state investment fund 1MDB. The banker was found guilty Friday after a two-month trial in Brooklyn federal court.

Despite the involvement of several others in the scheme, including the alleged mastermind, Malaysian financier Jho Low, Ng was the only Goldman Sachs banker who ended up on trial, pleading not guilty to negative charges. money laundering conspiracy and two counts of conspiracy to commit foreign treason. Corruption Practices Act. While his defense attorneys admitted that the theft was “Probably the biggest heist in the history of the world,” they asserted that US prosecutors overlooked Ng for the crimes of others who gave evidence to the government, namely Goldman’s colleague Tim Leissner.

After raising $6.5 billion for 1MDB through a bond sale, Ng and his accomplices converted $4.5 billion from a hefty sum into bribes, kickbacks, and a series of purchases. luxury shopping. Their ill-gotten gains include a massive $200 million yacht, jewelry, art, and real estate, and they fund wild parties, even investing in the movie. Leo DiCaprio 2013 “Wolf of Wall Street” – the very story of an investment banker who financed his lavish lifestyle by defrauding wealthy clients.

ENGLISH “Basically the fallen guy for the whole thing,” His defense attorney, Marc Agnifilo, stated in his closing arguments, adding that “Tim Leissner is looking to close the biggest deal of his life.” Leissner, Ng’s boss at Goldman, “Never stopped lying, and he doesn’t stop lying in this courtroom,” The lawyer claimed, arguing that the banker had deceived Ng and fabricated stories to gain favor with the government.

Leissner cut a deal to testify against Ng, minus $43.7 million, and pleaded guilty to paying millions of dollars in bribes to government officials in Malaysia and Abu Dhabi. During the trial, he described how he, Ng and Low “Camouflage[d] cash flow” out of 1MDB using offshore accounts and security companies, as well as fake banking contracts. “If we tell the truth to any bank, it won’t work” the admitted fraudster testified, adding that Ng specifically expressed happiness when he “Will be paid some money,” believes he has not been adequately paid by Goldman for many years.

The trial revealed the inner workings of the scheme, which saw Low move billions of stolen coins out of the fund after each Goldman bond deal, transferring cash to accomplices including former Malaysian Prime Minister Najib Razak and his own children. The trio’s lavish spending helped attract the government’s attention, with Low spending millions on lavish parties and gambling, while Leissner married several women at once. , bought them a home when they threatened to disclose their fraud to the authorities.

The 1MDB scandal finally brought down the Malaysian government in 2018, sending Najib to prison for 12 years for abuse of power and other charges. A Goldman Sachs subsidiary has admitted it conspired to violate US anti-bribery laws, the first time the notorious investment bank has pleaded guilty and ordered to pay more than $5 billion in fines for its role in the scandal. confused.

Ng, who made $3 million from two of the bond deals, faces 30 years in prison. Low, who allegedly took in $1.42 billion from the scam, is still big.

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