Former Goldman Sachs banker found guilty in 1MDB scheme
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."