The US justice department has moved to seize more than $1bn of assets allegedly acquired using funds misappropriated from the Malaysian economic development fund 1MDB, according to court papers filed on Wednesday.
The news follows a months-long international FBI probe, as well as five separate investigations around the world, and mark a step up in the investigation into up to $6bn that was allegedly skimmed from the sovereign fund and allegedly used to support the lavish lifestyles of several men connected to the Malaysian prime minister, Najib Razak.
The US attorney general, Loretta Lynch, said the funds defrauded from the Malaysian people were used to pay for luxury real estate in the US and Europe, gambling expenses in Las Vegas casinos, a London interior designer, more than $200m in artwork by artists including Van Gogh and Monet, and the production of films including the Oscar-nominated The Wolf of Wall Street.
A movie about boiler rooms and stock scams was backed by cash lifted in a scam?
Still, even with Hollywood accounting that’s one that should have made a profit for investors, no?