Apr 8, 2022 - Economy

Former Goldman Sachs banker found guilty in 1MDB scheme

Erin Doherty

Roger Ng, a former banker for Goldman Sachs Group Inc., arrives at federal court in the Brooklyn borough of New York, U.S., on Wednesday, Feb. 16, 2022. — Roger Ng arrives at federal court in the Brooklyn borough of New York on Feb. 16. Photo: Jeenah Moon/Bloomberg via Getty Images

A former Goldman Sachs banker was convicted Friday for his role in a $4.5 billion scheme to ransack the Malaysian state investment fund known as 1MDB, AP reports.

Driving the news: Roger Ng on Friday pleaded not guilty to three counts, including conspiring to violate U.S. anti-bribery laws and conspiring to launder money. He faces up to 30 years in prison, Bloomberg reports.

Ng is the only Goldman banker to stand trial in the 1MDB scandal.

The big picture: Prosecutors alleged that Goldman Sachs facilitated the 1MDB fraud, earning almost $600 million in fees on three bond deals from the corrupt Malaysian fund, Axios' Felix Salmon notes.

Each time, as soon as Goldman provided the money to 1MDB, Jho Low, a former financier to ex-Prime Minister Rajib Najib, would steal it, Salmon writes.
Proceeds from the scheme went to lavish spending on jewels, art, a superyacht and luxury real estate, per AP.

What they're saying: "The harm to the people of Malaysia is immeasurable," prosecutor Alixandra Smith said during closing arguments, per AP.

"It is deeply unfair to everyone else who plays by the rules."

Go deeper: How Goldman Sachs facilitated the heist of the century

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Former Goldman Sachs banker found guilty in 1MDB scheme

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