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The former Goldman executive was accused of violating bribery and money laundering laws. In April 2022, a jury found him guilty of all charges after a trial in Brooklyn. He is said to have pocketed more than $35 million seized in Malaysia for his role in the scandal.
The multi-billion dollar 1MDB fund was established in 2009 to stimulate the Malaysian economy. However, former government officials and dubious advisers – with the help of former Goldman employees – are said to have embezzled most of the funds. The bank agreed to a $2.9 billion fine in a settlement in October 2020.
The former supervisor of the now convicted ex-employee, who was considered primary at Goldman Sachs, pleaded guilty and made a deal with law enforcement. His sentence is expected to be announced in September.
Swiss banks were also involved in the 1MDB scandal: The Swiss Financial Market Supervisory Authority (Finma) conducted several transactions. Among other things, this resulted in the dissolution of private bank Banca Svizzera Italiana (BSI) and Falcon Private Bank, and a reprimand for Rothschild AG and its subsidiaries for serious violations of money laundering regulations.
Finma also imposed various professional bans on bankers and fines on bank employees. Credit Suisse and UBS were also part of the scandal: Big banks were scolded by Finma and both had to pay fines in Malaysia. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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