(Two) Indicted for Conspiring to Launder Billions of Dollars in Illegal Proceeds (from Malaysia)

[nitpicker]

https://www.justice.gov/opa/pr/malaysian-financier-low-taek-jho-also-known-jho-low-and-former-banker-ng-chong-hwa-also-known

Department of Justice
Office of Public Affairs

FOR IMMEDIATE RELEASE
Thursday, November 1, 2018

Malaysian Financier Low Taek Jho, Also Known As “Jho Low,” and Former Banker Ng Chong Hwa, Also Known As “Roger Ng,” Indicted for Conspiring to Launder Billions of Dollars in Illegal Proceeds and to Pay Hundreds of Millions of Dollars in Bribes

Former Banker Tim Leissner Pleaded Guilty to Conspiring to Launder Money and to Violate the Foreign Corrupt Practices Act Related to 1MDB

A three-count criminal indictment was unsealed today in federal court in the Eastern District of New York charging Low Taek Jho, 36, also known as “Jho Low,” and Ng Chong Hwa, 51, also known as “Roger Ng,” with conspiring to launder billions of dollars embezzled from 1Malaysia Development Berhad (1MDB), Malaysia’s investment development fund, and conspiring to violate the Foreign Corrupt Practices Act (FCPA) by paying bribes to various Malaysian and Abu Dhabi officials. As part of the three-count indictment, Ng is also charged with conspiring to violate the FCPA by circumventing the internal accounting controls of a major New York-headquartered financial institution (Financial Institution), which underwrote more than $6 billion in bonds issued by 1MDB in three separate bond offerings in 2012 and 2013, while Ng was employed at the Financial Institution as a managing director. Ng was arrested earlier today in Malaysia, pursuant to a provisional arrest warrant issued at the request of the United States. Low remains at large.

Also unsealed today in federal court in the Eastern District of New York was the guilty plea of Tim Leissner, 48, the former Southeast Asia Chairman and participating managing director of the Financial Institution, to a two-count criminal information charging Leissner with conspiring to launder money and conspiring to violate the FCPA by both paying bribes to various Malaysian and Abu Dhabi officials and circumventing the internal accounting controls of the Financial Institution while he was employed by it. According to court filings, Leissner has been ordered to forfeit $43.7 million as a result of his crimes.

1MDB is a Malaysian state-owned and controlled fund created to pursue investment and development projects for the economic benefit of Malaysia and its people. As alleged in court filings, between approximately 2009 and 2014, as 1MDB raised money to fund its projects, billions of dollars were misappropriated and fraudulently diverted from 1MDB, including funds 1MDB raised in 2012 and 2013 through three bond transactions that it executed with the Financial Institution. As part of the scheme, and as alleged in court filings, Low, Ng, Leissner, and others conspired to bribe government officials in Malaysia, including at 1MDB, and Abu Dhabi to obtain and retain lucrative business for the Financial Institution, including the 2012 and 2013 bond deals. They also allegedly conspired to launder the proceeds of their criminal conduct through the U.S. financial system by purchasing, among other things, luxury residential real estate in New York City and elsewhere, and artwork from a New York-based auction house, and by funding major Hollywood films.

As alleged, Low’s close relationships with high-ranking government officials in Malaysia and Abu Dhabi were central to the scheme. Ng, Leissner, and others at the Financial Institution allegedly knew Low was close to these government officials, including a high-ranking Malaysian government official who had authority to approve 1MDB business decisions (Malaysian Official #1). According to allegations in court filings, beginning in approximately 2009 and continuing through 2014, Low, Ng, Leissner, and the other co-conspirators used Low’s relationships to obtain and retain business for the Financial Institution through the promise and payment of hundreds of millions of dollars in bribes, including to ensure 1MDB awarded the Financial Institution a role on three bond transactions known internally at the Financial Institution as “Project Magnolia,” “Project Maximus,” and “Project Catalyze.” As a result of its work for 1MDB during that time, the Financial Institution allegedly received approximately $600 million in fees and revenues along with increased reputational prestige. At the same time, Ng, Leissner and others allegedly received large bonuses and enhanced their own reputations at the Financial Institution. In total, according to allegations in court filings, more than $2.7 billion was misappropriated from 1MDB and Low, Ng, Leissner and others conspired to launder this money through the U.S. financial system to pay bribes to foreign officials and for the personal benefit of themselves and their relatives.
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[Leghorn21]

1. What a sweet piece of news this is, picker!!!

One by one, motherfuckers

Yer goin DOWN

[nitpicker]

2. From DW (cites Goldman Sachs as the financial institution)

https://www.dw.com/en/us-justice-department-charges-malayisan-financier-and-goldman-sachs-bankers-in-massive-fraud-case/a-46125578

US Justice department charges Malayisan financier and Goldman Sachs bankers in massive fraud case

(snip)
Goldman Sachs, which said it is cooperating in the probe, wasn't named in the DOJ criminal documents, but was referred to as "financial institution #1."

The three men are accused of being involved in a money laundering and bribery scheme that pilfered billions of dollars from a Malaysian investment fund that was created to spur economic development projects in that country.

A three-count indictment charged Low Taek Jho, also known as Jho Low, with misappropriating money from the state-owned fund. He is accused of using it for bribes and kickbacks to foreign officials, to pay for luxury real estate, art and jewelry in the United States and helping to finance Hollywood movies, including "The Wolf of Wall Street."

Also charged was Tim Leissner, a former Goldman Sachs banker, who pleaded guilty to money laundering conspiracy and to conspiring to violate foreign bribery laws.

Another former Goldman official, Ng Chong Hwa, 51, also known as Roger Ng, was arrested earlier Thursday in Malaysia and accused of circumventing internal accounting controls, prosecutors said.
(snip)

[dawg day]

3. Is that Eliot Broidy going to get pulled in on this?

He was all tangled up with this Malaysia situation.

How did this happen? Seriously, Trump administration and GOP corruption-- which they are getting away with-- is about 5X more than Nixon's.