NEW YORK — Former Goldman Sachs banker Roger Ng was sentenced to 10 years in prison on Thursday (March 9), after he was convicted of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund. A jury in federal court in the New York City borough of Brooklyn last April found Ng, Goldman's former head of investment banking in...
Ex-Goldman Sachs banker Roger Ng exits the Brooklyn Federal Courthouse after being sentenced for his part helping embezzle from Malaysia's 1MDB sovereign wealth fund, in Brooklyn, New York, US, March 9, 2023.NEW YORK — Former Goldman Sachs banker Roger Ng was sentenced to 10 years in prison on Thursday , after he was convicted of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund.
US prosecutors said US$4.5 billion of that sum was embezzled by officials, bankers and their associates, in one of the biggest scandals in Wall Street history. The 1MDB scandal has rocked Malaysian politics. Former Prime Minister Najib Razak is serving a 12-year prison sentence after being convicted by a Malaysian court of receiving US$10 million from a former 1MDB unit. Najib has consistently denied wrongdoing.In a statement following the sentence, Breon Peace, the US Attorney for the Eastern District of New York, said the punishment would show "there is a significant price to pay for corporate corruption.
"The last I held her in my arms was five years ago," he said. "She was six then. She turns 11 this June."
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