A decade after Goldman Sachs helped 1MDB raise billions of dollars, one of its former employees has been brought to justice for the fraud. A U.S. jury on Friday found banker Roger Ng guilty in the $4.5 billion bribery plot involving Malaysia’s sovereign wealth fund. But his ex-boss, who played a bigger role, may get a lesser penalty while the Wall Street firm got off with $5 billion in fines. It’s only a partial redress.
guilty in the $4.5 billion bribery plot involving Malaysia’s sovereign wealth fund. But his ex-boss, who played a bigger role, may get a lesser penalty while the Wall Street firm got off with $5 billion in fines. It’s only a partial redress.
Yet Ng, Goldman’s former top banker in Malaysia, will likely be the only one who faces judgment in an American court. He was accused of receiving $35 million in illicit funds and faces a maximum prison sentence of 30 years for three counts of conspiring to launder money and violating anti-corruption laws.Others who played bigger roles in the scheme face lighter penalties.
Prosecutors said during the Ng trial that the scheme hurt the Malaysian people and is deeply unfair to those who play by the rules. It’s a common refrain following banking scandals. But top-level executives are rarely held accountable. The 1MDB conviction is another imperfect deterrent for future miscreants.- A federal U.S.
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