MAS slaps former Goldman Sachs managing director with lifetime prohibition orders

Roger Ng was involved in the 1MDB financial scandal.

The Monetary Authority of Singapore (MAS) has banned Ng Chong Hwa, also known as Roger Ng, from performing any regulated activity under the Securities and Futures Act (SFA) and from providing any financial advisory services under the Financial Advisers Act (FAA) for life.

Ng has also been barred from “taking part in the management, acting as a director, or becoming a substantial shareholder, of any capital market and financial advisory services firm under the SFA and FAA.”

MAS issued  lifetime prohibition orders (POs) against Ng following his conviction in the United States “for conspiracy to launder monies embezzled from 1Malaysia Development Berhad (1MDB) and violation of the United States’ Foreign Corrupt Practices Act (FCPA).”

Ng, who was sentenced to 10 years of imprisonment, conspired with others to launder billions of dollars misappropriated from 1MDB, “including funds raised by 1MDB through three bond offering transactions underwritten by The Goldman Sachs Group, Inc. and its subsidiaries and affiliates,” according to MAS.