Former Goldman Sachs banker Roger Ng, convicted in a scheme to steal billions from a Malaysian sovereign-wealth fund, is set to be sentenced on Thursday
Goldman raised $6.5 billion in bond offerings for 1MDB in 2012 and 2013, earning hundreds of millions of dollars in fees. Much of the money was diverted to offshore bank accounts and shell companies to pay bribes and kickbacks, according to federal prosecutors. Mr. Ng,, pocketed more than $35 million from the scheme, prosecutors said.
The former banker has been living in Manhattan under home detention since his extradition to the U.S. in 2019. His lawyers have asked the judge to sentence him to time served to allow him to reunite with his wife and daughter in Malaysia. They said the judge should consider the harsh conditions Mr. Ng endured in a Malaysian jail while awaiting extradition. Mr. Ng is still subject to criminal charges in Malaysia.
The 1MDB scandal was a black mark for Goldman. The bank paid more than $5 billion in penalties to the U.S., and Malaysia and. It also admitted that a subsidiary broke U.S. corruption laws. Its board called the matter an “institutional failure.”
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