On Friday, a US jury found former Goldman Sachs banker Roger Ng guilty of corruption charges for his role in the looting of millions of dollars from Malaysia's 1MDB development fund.
After four days of deliberation, Roger NG was found guilty of conspiring to launder money and bribe Malaysian and UAE officials.
Attorneys charged Ng, a former Goldman Sachs Malaysia investment banker, with conspiring to break anti-corruption laws and launder money.
Tim Leissner, his former boss, was accused of defrauding the fund, laundering the proceeds, and bribing government officials.
According to US prosecutors, Ng assisted 1MDB in raising $6.5 billion (€5.9 billion) from three bond sales, but $4.5 billion (€4.1 billion) was diverted to bankers, government officials, and their associates.
The jury also found Ng guilty of conspiring to launder money, in addition to violating the Foreign Corrupt Practices Act (FCPA) through bribery and circumventing Goldman's internal accounting controls.
The defendant and his partners "saw 1MDB not as an entity to do good for the people of Malaysia, but as a piggy bank to enrich themselves," according to US Attorney Breon Peace for the Eastern District of New York.
According to the Wall Street Journal, US District Judge Margo Brodie said Ng was not a flight risk and would be placed under house arrest until his sentencing.
By fLEXI tEAM