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Sunday, April 2, 2023

Trials: Corruption scandal: Ten years in prison for ex-Goldman banker

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The man is now serving a lengthy prison sentence for violating anti-bribery and anti-money laundering laws. He is said to have netted more than $35 million.

A former banker at the US financial group Goldman Sachs has been sentenced to ten years in prison in the corruption scandal involving the Malaysian sovereign wealth fund 1MDB. The responsible judge Margo Brodie announced the sentence on Thursday (local time).

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The former Goldman manager was accused of violating anti-bribery and anti-money laundering laws. In April 2022, after a trial in Brooklyn, the jury found him guilty on all charges. He is said to have pocketed over $35 million seized in Malaysia through his role in the scandal.

$2.9 billion fine

The multi-billion dollar 1MDB fund was set up in 2009 to boost Malaysia’s economy. However, ex-government officials and shady advisers, with the help of former Goldman employees, are said to have embezzled most of the funds. The bank accepted a $2.9 billion fine in a settlement in October 2020.

The former superior of the now convicted ex-employee, who is considered to be primarily responsible at Goldman Sachs, had pleaded guilty and made a deal with law enforcement. His sentence is due to be announced in September.

Source: Stern

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