A US choose on Friday ordered former Goldman Sachs banker Roger Ng to forfeit $35.1 million, after sentencing him to 10 years in prison for helping loot billions of dollars from Malaysia’s 1MDB sovereign wealth fund.
US District Choose Margo Brodie in Brooklyn rejected Ng’s argument that he owned no more cash after forfeiting to Malaysia tens of tens of millions of {dollars} of alleged proceeds from his crimes.
Ng’s lawyer Marc Agnifilo additionally stated his shopper, a Malaysian national and Goldman’s former head of investment banking in Malaysia, had been drained of most of his belongings.
Brodie, nevertheless, stated the $35.1 million forfeiture was not constitutionally extreme.
She additionally stated that even when Ng had been much less culpable than others, “he performed a job in one of many largest monetary crimes of all time,” a scheme that triggered “intangible hurt to the general public’s confidence in democracy and authorities.”
Agnifilo didn’t instantly reply to requests for remark.
Brodie imposed Ng’s jail sentence on March 9, 11 months after jurors discovered him responsible of serving to his former boss Tim Leissner embezzle money from 1MDB, launder the proceeds, and bribe authorities officers to win enterprise.
Jho Low, a Malaysian financier and suspected mastermind of the scheme, was additionally indicted however stays at giant.
Leissner faces a Sept. 6 sentencing. Goldman settled with authorities in October 2020, agreeing to pay $2.9 billion and having its Malaysian unit plead responsible to a corruption cost.
Former Malaysian Prime Minister Najib Razak is serving a 12-year jail sentence after being convicted in a Malaysian court docket of receiving $10 million from a former 1MDB unit. Najib has persistently denied wrongdoing.
