Ex-Goldman banker Ng sentenced to 10 years in prison for 1MDB corruption case

Former Goldman Sachs banker Roger Ng was sentenced to 10 years in prison on Thursday, aft helium was convicted of helping loot billions of dollars from Malaysia's 1MDB sovereign wealthiness fund.

A assemblage successful national court in the New York City borough of Brooklyn last April found Ng, Goldman's erstwhile caput of concern banking in Malaysia, blameworthy of helping his erstwhile brag Tim Leissner embezzle wealth from the fund, launder the proceeds and bribe authorities officials to triumph business.

The charges stem from immoderate $6.5 cardinal successful bonds that Goldman helped 1MDB, which was founded to concern improvement projects successful Malaysia, merchantability successful 2012 and 2013.

U.S. prosecutors said $4.5 cardinal of that sum was embezzled by officials, bankers and their associates, successful 1 of the biggest scandals successful Wall Street history.

Funds were utilized to bargain high-end existent estate, jewelry and artwork, and concern the Hollywood film, "The Wolf of Wall Street," according to the Department of Justice.

U.S. District Judge Margo Brodie, who imposed the sentence, said Ng and his co-defendants "effectively stole money" meant for infrastructure and economical improvement projects to assistance the Malaysian people.

"There is simply a captious request to deter crimes of axenic greed similar this one," Brodie said.

Ng plans to entreaty the sentence, his lawyer Marc Agnifilo told reporters aft the hearing. Ng had pleaded not blameworthy and argued $35 cardinal successful kickback payments helium was accused of receiving were really a instrumentality connected an concern his woman had made.

The 1MDB scandal has rocked Malaysian politics. Former Prime Minister Najib Razak is serving a 12-year prison sentence after being convicted by a Malaysian tribunal of receiving $10 million from a former 1MDB unit. Najib has consistently denied wrongdoing.

Federal prosecutors successful Brooklyn had urged Brodie to sentence Ng to 15 years in prison.

In a connection following the sentence, Breon Peace, the U.S. Attorney for the Eastern District of New York, said the punishment would amusement "there is simply a important terms to wage for corporate corruption."

Ng requested no prison time and that he be allowed to instrumentality to Malaysia, where helium spent six months in prison in conditions Agnifilo said astir killed him and harmed his intelligence health.

In tribunal connected Thursday, Ng told Brodie helium wanted to spell backmost to Malaysia to attraction for his aging mother, and to beryllium with his daughter.

"The past I held her successful my arms was five years ago," helium said. "She was six then. She turns 11 this June."

Brodie said she takes the interaction of sentencing on children seriously, but that Ng's separation from his girl was "not a unsocial circumstance."

Leissner had been Goldman's Southeast Asia chief. He pleaded blameworthy and testified against Ng as portion of a practice agreement. He has not yet been sentenced.

Jho Low, a Malaysian financier and suspected mastermind of the scheme, was indicted alongside Ng in 2018 but remains astatine large.

In October 2020, Goldman agreed to wage $2.9 cardinal and its Malaysian portion pleaded blameworthy to a corruption charge.