US Charges Malaysian Financier in Multi-Billion-Dollar Scheme

FILE - In this April 23, 2015 file photo, Jho Low, Director of the Jynwel Foundation, poses at the launch of the Global Daily website in Washington, D.C. The Justice Department on Thursday, Nov. 1, 2018,  charged the fugitive Malaysian financier in a money laundering and bribery scheme that pilfered billions of dollars from a Malaysian investment fund created to promote economic development projects in that country. The three-count indictment charges Low Taek Jho, who is also known as Jho Low, with misappropriating money from the state-owned fund and using it for bribes and kickbacks to foreign officials, to pay for luxury real estate, art and jewelry in the United States and to fund Hollywood movies, including "The Wolf of Wall Street." (Photo by Stuart Ramson/Invision for the United Nations Foundation/AP Images)
FILE – In this April 23, 2015 file photo, Jho Low, Director of the Jynwel Foundation, poses at the launch of the Global Daily website in Washington, D.C. The Justice Department on Thursday, Nov. 1, 2018, charged the fugitive Malaysian financier in a money laundering and bribery scheme that pilfered billions of dollars from a Malaysian investment fund created to promote economic development projects in that country. The three-count indictment charges Low Taek Jho, who is also known as Jho Low, with misappropriating money from the state-owned fund and using it for bribes and kickbacks to foreign officials, to pay for luxury real estate, art and jewelry in the United States and to fund Hollywood movies, including “The Wolf of Wall Street.” (Photo by Stuart Ramson/Invision for the United Nations Foundation/AP Images)

The Justice Department announced charges Thursday against a fugitive Malaysian financier and two former Goldman Sachs bankers accused in a money laundering and bribery scheme that pilfered billions of dollars from a Malaysian investment fund created to spur economic development projects in that country.
A three-count indictment charges Low Taek Jho, also known as Jho Low, with misappropriating money from the state-owned fund and using it for bribes and kickbacks to foreign officials, to pay for luxury real estate, art and jewelry in the United States and to help finance Hollywood movies, including “The Wolf of Wall Street.”
Also charged was a former Goldman Sachs banker, Tim Leissner, who pleaded guilty to money laundering conspiracy and to conspiring to violate foreign bribery laws. Another former bank 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.
Leissner’s attorney did not return messages seeking comment. It was not clear if Ng had a lawyer.
A spokesman for Goldman Sachs, which the indictment says raised about $6.5 billion through bond offerings for the fund, said the firm “continues to cooperate with all authorities investigating this matter.”
Police in Malaysia said in July that Low had fled Macau to an unknown destination. Before facing criminal charges, Low became well known in the New York City and Los Angeles club scenes. In 2012, he threw a lavish 31st birthday bash attended by Leonardo DiCaprio, Kim Kardashian and other celebrities that The Wall Street Journal called the “wildest party (Las) Vegas ever saw.”
 
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US charges Malaysian financier in multibillion-dollar scheme

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