Goldman’s Failure to Heed 1MDB Red Flags Offers Lessons to Banks
- Compliance repeatedly turned down Low as private client
- Banker admitted to lying about Low’s role in bond deals
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The trial of former Goldman Sachs Group Inc. banker Roger Ng depicted a tale of greed and excess that includes bribery, bigamy and billions of dollars in stolen money. It was also a window into the missteps that cost of one of the world’s preeminent banks more than $5 billion.
Ng, 49, was found guilty of bribery and money laundering tied to $6.5 billion in bond deals that Goldman underwrote for sovereign wealth fund 1Malaysia Development Bhd., or 1MDB. He faces as many as 30 years in prison.