NEW YORK, March 3 (Reuters) – U.S. prosecutors on Friday urged a choose to condemn former Goldman Sachs (GS.N) banker Roger Ng to fifteen years in jail after he was convicted of serving to loot billions of {dollars} from Malaysia’s 1MDB sovereign wealth fund.
A jury in Brooklyn federal courtroom had final April discovered Ng, Goldman’s former head of funding banking in Malaysia, responsible of serving to his former boss Tim Leissner embezzle cash from the fund, launder the proceeds and bribe authorities officers to win enterprise.
Leissner had been Goldman’s Southeast Asia chief.
U.S. District Decide Margo Brodie is predicted to condemn Ng on March 9.
In his personal sentencing request on Feb. 25, Ng requested that he be given no jail time and be allowed to return to Malaysia.
He had spent six months in a Malaysian jail earlier than waiving his proper to contest extradition to the US in 2018. Ng has been free on bail however topic to a curfew since his conviction.
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The costs stem from some $6.5 billion in bonds that Goldman helped 1MDB, which was based to finance growth initiatives in Malaysia, promote in 2012 and 2013.
Prosecutors mentioned $4.5 billion of that sum was embezzled by officers, bankers and their associates, in one of many largest scandals in Wall Avenue historical past.
In October 2020, Goldman agreed to pay $2.9 billion and its Malaysian unit pleaded responsible to a corruption cost.
Ng had pleaded not responsible, and argued that $35 million in kickback funds he was accused of receiving was truly a return on an funding his spouse had made.
Leissner pleaded responsible and testified in opposition to Ng as a part of a cooperation settlement. He has not but been sentenced.
Reporting by Luc Cohen in New York; Further reporting by Anirudh Saligrama in Bengaluru; Enhancing by Daniel Wallis
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