Prominent prime minister lives lavishly after embezzling funds

On Behalf of | Nov 4, 2018 | Embezzlement, Firm News

When peoples’ jobs require them to work with large amounts of money, they often have access to significant resources and power to move them around as designated by their superiors. However, improperly implemented protocols for monitoring functions, as well as a lack of transparency can be incredibly damaging to any New York firm if they have employees who are dishonest. Participation in financial crimes can wreak an extreme backlash of consequences that can ultimately destroy a firm’s reputation and brand name in the most severe cases. 

In a recent example of people misusing their power, a couple of bankers with Goldman Sachs have been indicted on charges of embezzling money that allowed Malaysia’s Prime Minister to live a lavish lifestyle. Among his ludicrous purchases was a Picasso painting. A sovereign wealth fund was created and managed by the Prime Minister, but he relied on the help of the bankers to embezzle the funds that he used to support his lifestyle. 

This story highlights the necessity of transparency in corporations that wish to discourage financial crimes and recognize warning signs before it is too late. On the other hand, corporations that are opaque, welcome the opportunity for people to participate in secretive practices that ultimately may develop into a breeding ground for financial crime. 

If people have been accused of embezzling funds, they may wish to hire an attorney to represent their case. A legal professional may be able to lessen the severity of the case by putting together compelling arguments.

Source: Yahoo! Finance, “Op-Ed: Goldman Sachs Embezzlement Scandal Shows Value of Crypto,” P.H. Madore, Nov. 3, 2018