A jury Friday found banker Roger Ng guilty for his role in the looting of hundreds of millions of dollars from the Malaysian Fund, reports Bloomberg.
The former Goldman Sach’s banker faces up to 30 years in prison for conspiring to violate U.S. bribery laws and conspiring to launder money.
CNBC described the case as one of the biggest financial scandals in history.
Prosecutors said he helped his old boss Tim Leissner by embezzling money from the fund, laundering the money, and bribing officials to win business for Goldman.
Leissner had previously pled guilty in the case and ended up being the key prosecution witness against Ng.
Ng’s defense attorney said Leissner falsely implicated Ng in an attempt to win a lighter sentence.
“Today’s verdict is a victory for not only the rule of law, but also for the people of Malaysia,” Breon Peace, the U.S. Attorney for the Eastern District of New York, said in a statement reported by CNBC. “The defendant and his cronies saw 1MDB not as an entity to do good for the people of Malaysia, but as a piggy bank to enrich themselves.”
Still outstanding in the case is the alleged mastermind, Jho Low, who is accused of paying 10s of millions in bribes and taking $1.42 billion for himself, according to Bloomberg.
Goldman Sachs paid the largest penalty ever in U.S. history in a case like this one-2.9 billion in the United States and $5 billion worldwide.
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