Former Goldman Sachs Banker Sentenced to 10 Years for Fraud

A former Goldman Sachs banker was sentenced Thursday to 10 years in prison for his role in looting a Malaysian sovereign wealth fund of billions of dollars used to finance lavish parties, a superyacht, premium real estate and even the 2013 film “The Wolf of Wall Street.”

Roger Ng was convicted last April by a U.S. District Court jury in Brooklyn, but he continues to deny charges that he conspired to launder money and violated two anti-bribery laws.

Prosecutors said Ng and his co-conspirators helped the Malaysian fund, known as 1MDB, to raise $6.5 billion through bond sales — only to participate in a scheme that siphoned off more than two-thirds of the money, some of which went to pay bribes and kickbacks.

Read the source article at apnews.com