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Investor’s Funds at Risk in Malaysian Scandal

In 2012, with help from Goldman Sachs, a Malaysian sovereign wealth fund called 1Malaysia Development Berhad (IMDB) sold $3.5 billion worth of bonds backed by an Abu Dhabi government fund to help it purchase power plants. The fund was meant to turn Kuala Lumpur into a financial hub and boost the Malaysian economy through strategic investments. But behind the scenes, American officials have claimed, billions were illegally redirected to Swiss bank accounts and ultimately into the hands of some of the people involved in the deal. That deal is now part of an international investigation into 1MDB, that has plagued Najib Razak, the prime minister of Malaysia.

A civil complaint filed by Justice Department officials in the United States said that some of the funds landed in the hands of Mr. Najib’s friends and associates as well as officials and executives from Abu Dhabi’s sovereign wealth fund. Investors in the fund are facing losses.

Join us next week to learn more: US Authorities Fight Against 1MDB and Illicit Finance.

If you have questions about the Malaysian Scandal, Investment Fraud Schemes or about your broker’s management of your account, please contact me at: 313-962-7777 for a case evaluation. The Securities Attorneys at Peter C. Rageas are experienced in all type of securities litigation, investment fraud, stock broker negligence and more!