Prosecutor Urges Jury to Convict Ex-Goldman Banker in 'Brazen' 1MDB Scheme

A former Goldman Sachs banker should be convicted of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund and causing "immeasurable" harm, a U.S. prosecutor told jurors in her closing argument on Monday, Reuters reported. Roger Ng, Goldman's former top investment banker for Malaysia, faces charges he helped his former boss Tim Leissner embezzle hundreds of millions of dollars from the fund, launder the proceeds and bribe officials to win business for Goldman. Assistant U.S. Attorney Alixandra Smith said Ng received more than $35 million in kickbacks from the "brazen" bribery and money laundering scheme, and must be held accountable. "The harm to the people of Malaysia is immeasurable," she said. "It is deeply unfair to everyone else who plays by the rules." Ng has pleaded not guilty to conspiring to launder money and violating an anti-corruption law. Leissner pleaded guilty to similar charges in 2018 and agreed to cooperate with prosecutors as their star witness against Ng. Ng's lawyer Marc Agnifilo was expected to begin his closing argument later Monday afternoon. U.S. prosecutors have said Goldman helped 1MDB raise $6.5 billion through three bond sales, but that $4.5 billion was diverted to government officials, bankers and their associates through bribes and kickbacks. Ng is the first, and likely only, person to face trial in the United States over the scheme. Goldman in 2020 paid a nearly $3 billion fine and its Malaysian unit agreed to plead guilty. Read more.