Ex-Goldman Sachs director Roger Ng was convicted Friday on charges of money laundering and bribery for his role in the multi-billion-dollar looting of the Malaysian state fund 1MDB, one of the largest financial scandals in recent history.
After several days of deliberation following a nearly two-month trial, a New York federal jury found Ng, 49, guilty of all three charges against him, including bribing Malaysian and United Arab Emirates officials, as well as violating Goldman Sachs’ internal accounting controls .
Ng, who worked at Goldman from 2005–14, now faces up to 30 years in prison for helping ransack over $4 billion from the Malaysian state fund known as 1MDB between 2012 and 2013.
Prosecutors announcing the verdict called the scheme “massive in its scale” and “brazen in its execution,” with the conviction likely to be seen by regulators as a landmark win after years were spent building a case.
Prosecutors said Ng took $35 million in secret kickbacks while helping loot the Malaysian state fund, while his accomplices also pocketed money.
Testifying in February, when his trial started, the former Goldman banker said “greed and ambition” were behind his involvement in the bribery scheme, with his own lawyers even calling it “perhaps the single largest heist in the history of the world.”