Fugitive Malaysian money man Jho Low, known for his extravagant lifestyle and connections to Hollywood celebrities, has reached a settlement agreement with the US government worth $100 million. The deal aims to resolve two lawsuits accusing Low of using embezzled funds to purchase luxury artworks. Low, who is believed to be residing in China, has agreed to surrender paintings by Claude Monet and Andy Warhol, along with a high-end apartment in Paris.
The Department of Justice announced that Low will also relinquish property and cash totaling $67 million, which he had laundered in Singapore, Switzerland, and Hong Kong. The 42-year-old, a graduate of Wharton, allegedly utilized funds from Malaysia’s sovereign investment vehicle, 1MDB, to acquire various assets, funding his opulent lifestyle. Prosecutors claim that Low paid billions in bribes to secure business for 1MDB, laundering the money in the United States through real estate investments and financing Hollywood films, including “The Wolf Of Wall Street,” in which Leonardo DiCaprio starred as Jordan Belfort.
According to the DOJ, over $4.5 billion belonging to 1MDB was allegedly misappropriated through an international criminal conspiracy involving money laundering and bribery. The government of Malaysia established 1MDB to promote economic development through global partnerships and foreign direct investment, with the funds intended to benefit the Malaysian people. The settlement agreement, however, does not absolve any individual or entity from potential criminal charges.
Former Goldman Sachs banker Roger Ng, who was convicted last year for violating US anti-bribery laws and money laundering, is currently serving a ten-year sentence in Malaysia. Ng’s former superior, Tim Leissner, cooperated with prosecutors and paid a $43 million fine to avoid imprisonment. Leissner testified during Ng’s trial, shedding light on Low’s lavish lifestyle. He revealed that Low would spend hundreds of thousands of dollars to fly in celebrities such as Paris Hilton, Megan Fox, and Kim Kardashian for the extravagant parties he hosted in New York City. Leissner also disclosed that DiCaprio was once paid $150,000 and flown on a private jet to attend a party in Las Vegas, with the funds allegedly embezzled from the sovereign investment fund.
