A former Goldman Sachs banker was convicted Friday of bribery and other corruption charges accusing him of participating in a $4.5 billion scheme to ransack the Malaysian state investment fund known as 1MDB.
A jury reached the verdict at the U.S. trial of Roger Ng in federal court in Brooklyn. Jurors had heard nearly two months of evidence about tens of millions of dollars in bribes and kickbacks allegedly orchestrated by Malaysian financier and fugitive socialite Low Taek Jho, better known as Jho Low.
A former head of investment banking in Malaysia, Ng is the only Goldman banker to stand trial in the 1MDB scandal. The 49-year-old had pleaded not guilty to three counts — conspiring to launder money and violating two anti-bribery laws. Ng’s defense attorneys have described the looting of 1MDB state investment fund as “perhaps the single largest heist in the history of the world.” But they contend U.S. prosecutors scapegoated Ng for crimes committed by others, including the government’s star witness, Tim Leissner.
“If we told any bank the truth, it wouldn’t work,” he said. “The house of cards would have fallen down.” The defense claimed that some of the $35 million Ng received through Leissner — money prosecutors said were illicit proceeds from the scheme — was actually the proceeds of a legitimate business transaction between the two men’s wives.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Former Goldman Sachs banker convicted in U.S. court in 1MDB caseA U.S. jury on Friday convicted former Goldman Sachs banker Roger Ng of conspiring to violate an anti-corruption law to help loot hundreds of millions of dollars from Malaysia’s 1MDB development fund
Read more »
Former Goldman Sachs banker convicted in U.S. court in 1MDB caseA U.S. jury on Friday convicted former Goldman Sachs banker Roger Ng of conspiring to violate an anti-corruption law to help loot hundreds of millions of dollars from Malaysia’s 1MDB development fund
Read more »
No 2nd trial for ex-Quebec judge once convicted in wife's death | CBC NewsFormer Quebec judge accused of murdering his wife released. Jacques Delisle was convicted in 2012, but a new trial was ordered a year ago after more information came to light. Today, court issued a stay of proceedings in the case. Previous story:
Read more »
Posthaste: Inflation will likely stay higher and for longer, warns BIS's Agustín CarstensCentral bankers have misread inflation as transitory
Read more »
Posthaste: Inflation will likely stay higher and for longer, warns BIS's Agustín CarstensInflation will likely stay higher and for longer, warns BIS's Agustín Carstens — via financialpost Inflation
Read more »
Posthaste: Inflation will likely stay higher and for longer, warns BIS's Agustín CarstensInflation will likely stay higher and for longer, warns BIS's Agustín Carstens — via financialpost Inflation
Read more »