Ex-Goldman Sachs banker convicted in plot to loot 1MDB fund

A former head of investment banking in Malaysia, Ng isin 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. During several days on the witness stand, Leissner testified that he, Ng and Low used offshore accounts and shell companies to “disguise the flow of funds.” The money laundering efforts also involved drawing up fake contracts with banks, he said.

Ng, he added, was “particularly glad he was going to be paid some money” because he felt the firm had undercompensated him over the years.

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