![]() 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.Īs alleged, Low’s close relationships with high-ranking government officials in Malaysia and Abu Dhabi were central to the scheme. They also allegedly conspired to launder the proceeds of their criminal conduct through the U.S. 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 20 bond deals. As alleged in court filings, between approximately 20, as 1MDB raised money to fund its projects, billions of dollars were misappropriated and fraudulently diverted from 1MDB, including funds 1MDB raised in 20 through three bond transactions that it executed with the Financial Institution. Damon Rowe of IRS Criminal Investigation (IRS-CI) Los Angeles Field Office announced the charges.ġMDB is a Malaysian state-owned and controlled fund created to pursue investment and development projects for the economic benefit of Malaysia and its people. of the FBI New York Field Office, and Special Agent in Charge R. Donoghue for the Eastern District of New York, Assistant Director in Charge William F. Cronan of the Justice Department’s Criminal Division, U.S. Principal Deputy Assistant Attorney General John P. According to court filings, Leissner has been ordered to forfeit $43.7 million as a result of his crimes. Low remains at large.Īlso 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. Ng was arrested earlier today in Malaysia, pursuant to a provisional arrest warrant issued at the request of the United States. 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 20, while Ng was employed at the Financial Institution as a managing director. 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.
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