Roger Ng, Bribery and Money Laundering, Florida 2023
A former managing director of The Goldman Sachs Group Inc. (Goldman Sachs) has been sentenced to 10 years in prison for his role in a multibillion-dollar bribery and money laundering scheme involving Malaysia's state-owned investment and development fund, 1Malaysia Development Berhad (1MDB).
Roger Ng, 49, of Malaysia, was sentenced yesterday for his role in a massive and egregious bribery and money laundering scheme involving the bribery of high-level foreign officials in Malaysia and the United Arab Emirates and theft of billions of dollars meant to benefit the Malaysian people.
According to court documents, between approximately 2009 and 2014, Ng and his co-conspirators laundered billions of dollars misappropriated and fraudulently diverted from 1MDB, including funds 1MDB raised in 2012 and 2013 through three bond transactions it executed with Goldman Sachs.
Ng and his co-conspirators conspired to and did pay more than $1 billion in bribes to 12 government officials in Malaysia and the United Arab Emirates to obtain and retain lucrative business for Goldman Sachs, including the 2012 and 2013 bond deals.
They also conspired to and did launder the proceeds of their criminal conduct through the U.S. financial system, including funding major Hollywood films such as 'The Wolf of Wall Street,' and purchasing, among other things, a $51 million Jean-Michel Basquiat painting from New York-based Christie's auction house, a $23 million diamond necklace from a New York jeweler, millions of dollars in Hermès handbags from a dealer based on Long Island, and luxury real estate in Manhattan.
Ng and his co-conspirators used Low's close relationships with high-ranking government officials in Malaysia and the United Arab Emirates to obtain and retain business for Goldman Sachs through the promise and payment of more than a billion dollars in bribes.
In total, Ng and his co-conspirators misappropriated more than $2.7 billion from 1MDB.
Key Facts
- State: Federal
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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