U.S. Maps 1MDB Fraud Trail From Kuala Lumpur to Hollywood

July 20, 2016 6:47 PM

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U.S. Maps 1MDB Fraud Trail From Kuala Lumpur to Hollywood

More than $3.5 billion traveled a trail of fraud from Malaysia through a web of shell companies, fueling a spending binge on Monet paintings and luxury real estate in the U.S. and Britain, with at least $700 million flowing back into accounts controlled by Malaysia’s prime minister.

Along the way, some of the money was handled by international banks including Goldman Sachs Group Inc., JPMorgan Chase & Co., Standard Chartered Plc and Deutsche Bank AG. Some of the money funded a Hollywood blockbuster, “The Wolf of Wall Street.” The stepson of Malaysia’s prime minister and associa...

Also read: Russian Central Bank: Hackers Stole $31 Million From Correspondent Accounts

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