News

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

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

Roger Ng, the only Goldman Sachs banker who was put 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 money laundering laws.

Prosecutors say Roger Ng, Goldman’s former top investment banker for Malaysia, helped his former boss Tim Leissner embezzle money from the fund — which was founded to pursue development projects in the Southeast Asian country — launder the proceeds and bribe officials to win business for Goldman.

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

“Today’s verdict is a victory for not only the rule of law, but also for the people of Malaysia,” Breon Peace, the U.S. Attorney for the Eastern District of New York, said in a statement. “The defendant and his cronies saw 1MDB not as an entity to do good for the people of Malaysia, but as a piggy bank to enrich themselves.”

Ng, wearing a black suit jacket and black tie, showed little emotion as the jury’s foreperson read out the verdict. Ng glanced back and forth between the jury and the desk he was seated at. His lawyer, Marc Agnifilo, hung his head after the guilty verdict to the first count was read.

Ng's lawyer said his client was taking the fall for Ng's former boss at Goldman, Tim Leissner.
Ng’s lawyer said his client was taking the fall for his former boss at Goldman, Tim Leissner (center).
Bloomberg via Getty Images

US District Judge Margo Brodie, who is overseeing the case, ordered that Ng be subject to a curfew pending sentencing, but said she did not consider him a flight risk.

Deliberations began on Tuesday after a nearly two-month trial in federal court in Brooklyn.

Agnifilo said Ng may appeal, depending on the outcome of his post-trial motions and his sentence. He stood by his decision to convince Ng to waive extradition to face trial, saying he had a better chance of a fair trial in the United States than in Malaysia.

“These big cases are tough and they’re hard to win,” Agnifilo told reporters.

Ng, who pleaded not guilty, was accused of using his position at Goldman to raise $6.5 billion for the fund through bond sales — only to then loot $4.5 billion and funnel the ill-gotten gains to himself and associates through 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 reality television star Kimora Lee Simmons — testified against Ng in a bid to get a lighter sentence after pleading guilty.
Getty Images for The Weinstein C

“The harm to the people of Malaysia is immeasurable,” prosecutor Alixandra Smith said during closing arguments. “It is deeply unfair to everyone else who plays by the rules.”

But Ng’s attorneys have claimed that their client is being scapegoated while his former colleague at Goldman, Tim Leissner, pleaded guilty and agreed to testify in court against Ng in order to receive a lighter sentence.

“Roger is basically the fall guy for this whole thing,” Agnifilo said. “And Tim Leissner is looking to close the biggest deal of his life.”

Ng, Leissner, and Malaysian financier Jho Low — who is now a fugitive from the law — were all in on the alleged scheme to defraud 1MDB, prosecutors said.

During several days on the witness stand, Leissner testified that he, Ng and Low used off-shore accounts and shell companies to “disguise the flow of funds.” The money-laundering efforts also involved drawing up fake contracts with banks, he said.

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 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.
Getty Images for Gabrielle’s Ang

Leissner testified that he received more than $60 million from Low. The money was funneled into accounts controlled by his then-wife, Judy Chan Leissner.

Leissner, the estranged husband of reality television star Kimora Lee Simmons, told jurors last month that he sent Ng $35.1 million through the shell entity set up by Ng’s wife, Hwee Bin Lim.

The trial has produced sensational headlines about Leissner’s lavish lifestyle.

While on the witness stand, Leissner copped to the defense’s claim that he was a “double bigamist” — admitting he twice “faked” divorces from women to marry others while he was still legally married.

Leissner has admitted to having several affairs, previously describing an episode in which a former lover allegedly blackmailed him into buying her a $10 million mansion after she threatened to reveal the tryst to Simmons, his future and current estranged wife.

With Post Wires

If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.

For forums sites go to Forum.BuradaBiliyorum.Com

If you want to read more News articles, you can visit our News category.

Source

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close

Please allow ads on our site

Please consider supporting us by disabling your ad blocker!