{"id":6738,"date":"2018-12-20T12:33:41","date_gmt":"2018-12-20T18:33:41","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=6738"},"modified":"2018-12-20T12:33:41","modified_gmt":"2018-12-20T18:33:41","slug":"financial-firm-news-goldman-sachs-faces-criminal-fraud-charges-in-malaysia-and-ubs-is-fined-15m-over-poor-anti-money-laundering-detection-systems-and-multibillion-dollar-fraud-involving-1mdb-fund-l","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/financial-firm-news-goldman-sachs-faces-criminal-fraud-charges-in-malaysia-and-ubs-is-fined-15m-over-poor-anti-money-laundering-detection-systems-and-multibillion-dollar-fraud-involving-1mdb-fund-l\/","title":{"rendered":"Financial Firm News: Goldman Sachs Faces Criminal Fraud Charges in Malaysia and UBS is Fined $15M Over Poor Anti-Money Laundering Detection Systems  and Multibillion-Dollar Fraud Involving 1MDB Fund Leads to Criminal Charges for Goldman"},"content":{"rendered":"<p>\t\t\t\tProsecutors in Malaysia have filed criminal charges against a number of Goldman Sachs Group Inc. (GS) units and several people over a massive multibillion-dollar \u00a0<a href=\"https:\/\/www.investorlawyers.com\/investor-claims\/\">bond fraud <\/a>involving the sovereign wealth fund the 1Malaysia Development Berhad (1MDB). The individuals charged including former Goldman managing directors Roger Ng Chong Hwa and Tim Leissner, financier Jho Low, who is accused of masterminding the fraud, and ex-1MDB general counsel Jasmine Loo Ai Swan.<\/p>\n<p>Malaysia Attorney General Tuan Tommy Thomas said that the criminal charges are related to fake and misleading statements issued in order to steal $2.7B from the proceeds of three 1MDB subsidiary issued-bonds. The bonds, which Goldman organized and underwrote, were valued at over $6B.<\/p>\n<p>The defendants are accused of conspiring together to bribe public officials in Malaysia so as to allow for Goldman\u2019s involvement with the bonds. The investment bank earned about $600M in fees for its work with the Malaysian sovereign fund.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/financial-firm-news-goldman-sachs-faces-criminal-fraud-charges-in-malaysia-and-ubs-is-fined-15m-over-poor-anti-money-laundering-detection-systems-and-multibillion-dollar-fraud-involving-1mdb-fund-l\/\"  title=\"Continue Reading Financial Firm News: Goldman Sachs Faces Criminal Fraud Charges in Malaysia and UBS is Fined $15M Over Poor Anti-Money Laundering Detection Systems  and Multibillion-Dollar Fraud Involving 1MDB Fund Leads to Criminal Charges for Goldman\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Prosecutors in Malaysia have filed criminal charges against a number of Goldman Sachs Group Inc. (GS) units and several people over a massive multibillion-dollar \u00a0bond fraud involving the sovereign wealth fund the 1Malaysia Development Berhad (1MDB). The individuals charged including former Goldman managing directors Roger Ng Chong Hwa and Tim Leissner, financier Jho Low, who [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":444,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3762,3739,3776,3760],"tags":[3236,3237,3176],"class_list":["post-6738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-investigations","category-finra","category-finra-settlements","category-sec-enforcement","tag-1malaysia-development-berhad","tag-goldman-sachs","tag-ubs-financial-services"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financial Firm News - December 2018 | Investor Lawyers Blog<\/title>\n<meta name=\"description\" content=\"Financial Firm News: Goldman 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