After proving beyond reasonable doubt, former Goldman Sachs banker Roger Ng has been sentenced to 10 years in prison for helping loot billions of dollars from Malaysia’s 1MDB sovereign wealth fund.


Ng as a Goldman’s former head of investment banking in Malaysia was guilty of helping his former boss Tim Leissner embezzle money from the fund, launder the proceeds and bribe government officials to win business.

The charges stem from some $6.5 billion in bonds that Goldman helped 1MDB, which was founded to finance development projects in Malaysia, sell in 2012 and 2013, CNN reports.

U.S. prosecutors said $4.5 billion of that sum was embezzled by officials, bankers and their associates, in one of the biggest scandals in Wall Street history.

Funds were used to buy high-end real estate, jewelry and artwork, and finance the Hollywood film, “The Wolf of Wall Street,” according to the Department of Justice.

U.S. District Judge Margo Brodie, who imposed the sentence, said Ng and his co-defendants “effectively stole money” meant for infrastructure and economic development projects to aid the Malaysian people.

“There is a critical need to deter crimes of pure greed like this one,” Brodie said.

The 1MDB scandal also rocked Malaysian politics. Former Prime Minister Najib Razak is serving a 12-year prison sentence after being convicted by a Malaysian court of receiving $10 million from a former 1MDB unit.

Ng had pleaded not guilty and argued that $35 million in kickback payments he was accused of receiving was actually a return on an investment his wife had made.

However, in a filing last week, federal prosecutors in Brooklyn urged Brodie to sentence Ng to 15 years in prison, calling him a “deeply corrupt banker” and arguing a stiff sentence was necessary to dissuade other financial professionals from bribing officials to win business.