The former was sentenced to 10 years in prison
It also raises the question of how much prison time a US judge will impose on Ng’s former boss.
Looting billions of dollars
Combined with these staggering corruption standards, Ng received $35.1 million, while Lessner, Goldman’s former head of Southeast Asia and Ng’s former supervisor, received $73 million.
Lesnar will likely get a reward for his cooperation with prosecutors, leaving Ng as the only long-time Goldman banker behind bars for fraud.
“Ten years is a hell of a long time,” he said. Jeff Ifrah, a white-collar defense attorney and expert on federal sentencing guidelines. In comparison, he said, killing someone by mistake and being convicted of manslaughter could result in a prison sentence of four or five years.
“Instead of going after these 30 Goldman officials and executives, the Department of Justice gave the bank a sweet deal, effectively allowing the bank to buy a ‘jail free’ card for its executives,” Kelleher said in an interview. Adding to the miscarriage of justice, the Justice Department only prosecuted one junior Goldman partner, Roger Ng.
A federal jury in Brooklyn, New York, convicted Ng last April of conspiracy to violate US anti-bribery and money laundering laws.
“This is one of the largest financial crimes in the history of the world,” said the US District Court judge
The 51-year-old former managing director of Goldman asked the judge not to issue any prison sentence at all, after the six-month period he had already served in a squalid Malaysian facility.
Brody said Ng was having a “great job, making good money, and he felt good”. The judge said “the only explanation is greed” and there was a “dire need” to deter him.
Goldman Sachs has paid more than $2.9 billion to US authorities and more than $5 billion globally for its role in the scandal, with its Malaysian unit pleading guilty in the US to one count of conspiracy. The US penalty imposed by Goldman was the largest ever for a violation of the Foreign Corrupt Practices Act.
Ng was arrested in Malaysia in November 2018 and extradited in May 2019 to face charges in New York, where he was released to home confinement on $20 million bail. On Thursday, the judge cited his detention in Malaysia as one of the reasons she did not agree to the plaintiffs’ request for a 15-year sentence.
‘Five difficult years’
“We are disappointed,” said Agnifello. “It’s been a very difficult five years, and the judge admitted that, and he listened to all our arguments.”
He pointed out that Eng is still facing criminal charges in Malaysia, and once his term in the United States ends, he will have to return to face them.
“I imagine the 10-year prison sentence will have an impact on them,” he said.
In a statement, he said Eng was “a key player in a brazen and audacious scheme that not only fell victim to the people of Malaysia, but also risked undermining public trust in governments, markets, businesses and other institutions on a global scale.”
Former Malaysian Prime Minister
“The government has already sent its message to the world about Goldman when it accepted its money in exchange for a deferred prosecution agreement,” Agnifello wrote to the judge on Wednesday, urging him to go easy on Ng.
The case is United States v. NG, 18-CR-538, US District Court, Eastern District of New York (Brooklyn).
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